Scientific Games promotes Scott Schweinfurth to Executive Vice President and Chief Financial Officer
Scientific Games Corporation (Nasdaq: SGMS) ("Scientific Games" or the "Company"), a leading diversified supplier of innovative content and technology to the gaming and lottery industries, announced today that Scott D. Schweinfurth has been promoted to Executive Vice President and Chief Financial Officer of the Company. He replaces Jeffrey S. Lipkin, who will help facilitate a seamless transition. Mr. Schweinfurth will continue to be based in the Chicago area.
NEW YORK and CHICAGO, April 3, 2014. PRNewswire – Scientific Games Corporation (Nasdaq: SGMS) ("Scientific Games" or the "Company"), a leading diversified supplier of innovative content and technology to the gaming and lottery industries, announced today that Scott D. Schweinfurth has been promoted to Executive Vice President and Chief Financial Officer of the Company. He replaces Jeffrey S. Lipkin, who will help facilitate a seamless transition. Mr. Schweinfurth will continue to be based in the Chicago area.
"As we move forward in implementing our integration plans, we are firmly committed to continue to achieve organization efficiencies and cost reductions, and to improve our performance and cash flow," said David L. Kennedy, President and Chief Executive Officer. "Scott will provide strong financial and strategic leadership as we focus on optimizing our ongoing cost structure and improving efficiencies in our business and financial processes; and he will continue to lead our integration efforts. I believe we have the right people in the right positions to deliver the significant opportunities created by the combination of WMS with Scientific Games."
During his 13 years as WMS' Executive Vice President, Chief Financial Officer and Treasurer, Mr. Schweinfurth was an effective leader and collaborator who drove meaningful improved performance as WMS' revenue grew more than threefold and its market capitalization increased more than sixfold from 2000. From 1995 until joining WMS in 2000, he served as Senior Vice President, Chief Financial Officer and Treasurer of Bally Technologies. Previously, he had been at Ernst & Young for 18 years, serving the last six years as an audit partner. Mr. Schweinfurth, a registered certified public accountant, was recognized for his financial leadership by being named a Best CFO in the Gaming and Lodging industry by Institutional Investor Magazine from 2009 to 2011.
"Jeff has been a key member of the leadership team during the last five years and helped to build Scientific Games," Mr. Kennedy said. "His commitment and contributions to our Company were invaluable and we wish Jeff continued success in his career."
Pfund Named Vice President of Investor Relations
The Company also announced William H. Pfund will lead investor relations for the Company. Mr. Pfund joined WMS in May 2006 and during the succeeding seven years led investor relations and helped enhance the recognition of WMS within the investment community and global gaming industry. Prior to WMS, he was Vice President of Investor Relations and Corporate Communications at Snap-on Incorporated since 1999 and prior to that held the same position at Rubbermaid Incorporated. Mr. Pfund was recognized for his efforts in helping investors by being named a Best IR Professional in the Gaming and Lodging Industry by Institutional Investor Magazine from 2009 through 2011.
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
Phone: +1-847 785-3167