Barry Cottle, President and CEO of Scientific Games, said: "Scientific Games is well positioned for future success given our industry leading portfolio of products and technologies, loyal customer base and talented leadership team. We are pleased to have the support of our refreshed board and new investor base as we continue to execute on our strategy to drive meaningful long-term growth and shareholder value creation."
The Scientific Games Board will be reconstituted to include all existing directors, other than the MacAndrews & Forbes representatives, as well as three new directors. The Board will comprise a majority of independent directors with a deep and diverse mix of gaming industry, financial, strategic and operational experience.
Former Aristocrat CEO Jamie Odell, along with former Aristocrat CFO Toni Korsanos, will join the SG Board as Executive Chair and Executive Vice Chair, respectively. They will be joined by an additional independent non-executive director.
Ronald Perelman, current Executive Chairman of the Scientific Games Board and MacAndrews & Forbes Chairman and CEO, as well as Barry Schwartz and Frances Townsend, the two other MacAndrews & Forbes representatives, will resign from the Board.
“I am excited to become the Executive Chair of Scientific Games and work alongside the company’s world-class leadership team at such an important time for both the company and the broader gaming industry. The company possesses a market leading portfolio of products and a differentiated position in the emerging digital gaming and sports betting industries,” said Odell.
“We will be highly focused on rapidly de-leveraging the balance sheet and creating a flexible, agile company that is poised to capitalize on evolving industry and macroeconomic trends to deliver outsized returns to investors,” Odell added.
Cottle concluded: “As gaming industry revenues continue to recover, we believe Scientific Games is poised to benefit from a renewed wave of growth given our position at the forefront of the rapidly expanding digital gaming and sports betting ecosystem and our vast portfolio of original content and licensed brands.”