Gavin Isaacs Named CEO at Scientific Games Corporation
Scientific Games Corporation (Nasdaq: SGMS) ("Scientific Games" or the "Company") today announced the appointment of Gavin Isaacs as President and Chief Executive Officer of Scientific Games, succeeding David L. Kennedy effective immediately. Mr. Kennedy will continue to serve as Executive Vice Chairman of the Board.
NEW YORK, June 10, 2014. PRNewswire – Scientific Games Corporation (Nasdaq: SGMS) ("Scientific Games" or the "Company") today announced the appointment of Gavin Isaacs as President and Chief Executive Officer of Scientific Games, succeeding David L. Kennedy effective immediately. Mr. Kennedy will continue to serve as Executive Vice Chairman of the Board.
Mr. Isaacs is an accomplished gaming industry executive with more than 15 years of industry leadership experience. Most recently, he served as Chief Executive Officer of SHFL entertainment, Inc. from April 2011 through November 2013 when the company was acquired by Bally Technologies, Inc. Previously, Mr. Isaacs served as Executive Vice President and Chief Operating Officer of Bally Technologies from May 2006 through March 2011. Prior to joining Bally Technologies, he held senior roles at Aristocrat Leisure Limited, including Head of Global Marketing and Business Development, Managing Director of Aristocrat's London-based European subsidiary and President of Aristocrat Technologies, Inc., Aristocrat's Las Vegas-based subsidiary focused on North and South America. Mr. Isaacs is also a Trustee and former President of the International Association of Gaming Advisors.
"Gavin is a very talented and seasoned gaming industry executive with the necessary skills to lead our Company to the next level of growth and performance," said Ronald O. Perelman, Chairman of the Board of Scientific Games. "He has an impressive track record of success and is recognized for his dynamic leadership. We believe his focus on customer relationships, strategic thinking and expertise in growing innovation-focused businesses make him the ideal choice to lead our efforts to achieve greater profitability and increased cash flow."
Mr. Perelman continued, "We extend our thanks and appreciation to David for stepping up to lead the Company during the last six months and work with the Board to facilitate the CEO succession. We were fortunate to have a leader of David's stature and experience at such an important time, and we are pleased that he will continue to serve the Company and our stockholders as Executive Vice Chairman."
Mr. Isaacs commented, "I am tremendously enthused to join the Company at this exciting and challenging time and lead the business to the next level. Scientific Games has a skilled worldwide organization that is focused on improving performance and growth. In collaboration with the entire Scientific Games team, I look forward to working together as we concentrate on creating and distributing innovative products and services to our customers, completing the integration of WMS and enhancing stockholder value."
On June 9, 2014, Mr. Isaacs was granted 85,935 restricted stock units (RSUs) and stock options to purchase 161,181 shares of the Company's common stock (with an exercise price of $8.73 per share, representing the average of the high and low sales prices of the Company's stock on June 6, 2014, and a ten-year term), which awards are scheduled to vest in one-fourth increments on each of the first four anniversaries of the date of grant. The RSUs and stock option grants were approved as employment inducement grants pursuant to Nasdaq Listing Rule 5635(c)(4).
About Scientific Games www.scientificgames.com
Scientific Games Corporation is a global leader in providing customized, end-to-end gaming solutions to lottery and gaming organizations worldwide. Scientific Games' integrated array of products and services includes instant lottery games, lottery gaming systems, terminals and services, and internet applications, as well as server-based interactive gaming terminals and associated gaming control systems. For more information, visit www.scientificgames.com.
In this press release, the Company makes "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements describe future expectations, plans, results or strategies and can often be identified by the use of terminology such as "may," "will," "estimate," "intend," "continue," "believe," "expect," "anticipate," "should," "could," "potential," "opportunity," or similar terminology. Forward-looking statements may contain expectations regarding activities, financial position, operations, synergies and other results following our acquisition of WMS. These statements are based upon management's current expectations, assumptions and estimates and are not guarantees of timing, future results or performance. Actual results may differ materially from those contemplated in these statements due to a variety of risks and uncertainties and other factors, including, among other things: competition; material adverse changes in economic and industry conditions; technological change; retention and renewal of existing contracts and entry into new or revised contracts; effect of indebtedness on our operations and financial condition; availability and adequacy of cash flows to satisfy obligations and indebtedness or future needs; protection of our intellectual property; ability to license third party intellectual property; intellectual property rights of others; security and integrity of software and systems; reliance on information technology systems; laws and government regulation, including those relating to gaming licenses, permits and operations; inability to identify, complete and integrate future acquisitions; inability to benefit from, and risks associated with, strategic equity investments and relationships; inability of our joint venture to meet the net income targets or otherwise to realize the anticipated benefits under its private management agreement with the Illinois Lottery; inability of our joint venture to meet the net income targets or other requirements under its agreement to provide marketing and sales services to the New Jersey Lottery or otherwise to realize the anticipated benefits under such agreement (including as a result of a protest); failure to realize the anticipated benefits related to the award to our consortium of an instant ticket concession in Greece; the seasonality of our business; disruption of our current plans and operations in connection with our acquisition of WMS; failure to achieve the intended benefits of the WMS acquisition, including due to the inability to realize synergies in the anticipated amounts or within the contemplated time-frames or cost expectations, or at all; inability to identify and capitalize on trends and changes in the lottery and gaming industries, including the potential expansion of regulated gaming via the internet; inability to enhance and develop successful gaming concepts; slow growth of gaming jurisdictions or the casino industry; decline in the replacement cycle of gaming machines; consolidation or ownership changes in the casino industry; dependence on suppliers and manufacturers; liability for product defects; fluctuations in foreign currency exchange rates and other factors associated with international operations; influence of certain stockholders; dependence on key personnel; failure to perform under our contracts; resolution of pending or future litigation; labor matters; and stock price volatility. Additional information regarding risks and uncertainties and other factors that could cause actual results to differ materially from those contemplated in forward-looking statements is included from time to time in the Company's filings with the Securities and Exchange Commission ("SEC"), including in our Annual Report on Form 10-K filed with the SEC on March 12, 2013 and in our subsequent periodic reports. Forward-looking statements speak only as of the date they are made and, except for the Company's ongoing obligations under the U.S. federal securities laws, the Company undertakes no obligation to publicly update any forward-looking statements whether as a result of new information, future events or otherwise.
Source: Scientific Games Corporation
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