SGMS » Topics » Key Organizational Changes

This excerpt taken from the SGMS 8-K filed Oct 26, 2009.

Key Organizational Changes


The Company today announced that Mike Chambrello, currently President and Chief Operating Officer, will succeed Joe Wright as President and Chief Executive Officer beginning in 2010.  Mr. Wright, who plans to retire as Chief Executive Officer at the end of 2009, will continue to serve as a director of the Company.  Also, effective today, Mr. Chambrello has joined the Company’s Board of Directors along with David L. Kennedy, who will serve as the newly appointed Vice Chairman.


The Company also announced the creation of a new Office of the Chairman, which will provide strategic guidance and oversight to the Company.  The four-person Office of the Chairman, which will report to the Board, will be comprised of A. Lorne Weil, who will continue to serve as Chairman of the Board, Mr. Chambrello, Mr. Kennedy and Jeffrey S. Lipkin, the Company’s Chief Financial Officer.




Mr. Kennedy is currently Senior Executive Vice President of MacAndrews & Forbes Holdings Inc. and Vice Chairman of Revlon, Inc.  Mr. Kennedy served as the President and Chief Executive Officer of Revlon from September 2006 through May 2009 and has held various senior management and senior financial positions with Revlon and The Coca-Cola Company during his 36-year business career.


Mr. Wright stated: “I took on the job of Chief Executive Officer at Scientific Games with a specific purpose.  My goal was to work with the management team to increase operating margins, reduce capital and operating expenditures and increase free cash flow.  We have accomplished these goals much quicker than I expected and I believe the Company is well positioned for profitable growth.”


“Joe Wright has done an impressive job in leading the Company through a difficult economic environment and we believe that he has set the stage for future growth,” stated Mr. Weil.  “It’s time to pass the torch to Mike Chambrello, who has been running the day-to-day operations for many years and has been instrumental in our international growth efforts, particularly in China and Italy.  Mike has a deep knowledge of Scientific Games and the industry and we believe that he will continue to provide the Company with outstanding leadership in his new role.  We are also excited to add a talented, experienced executive like David Kennedy to our Board.”


“I look forward to continuing to work with the Board and the management team in my new capacity as we continue to strengthen the Company’s core franchise, expand our global product and service offerings and enhance shareholder value,” stated Mr. Chambrello.  “I expect to work closely with the other members of the Office of the Chairman to capitalize on growth opportunities around the world.”


Wikinvest © 2006, 2007, 2008, 2009, 2010, 2011, 2012. Use of this site is subject to express Terms of Service, Privacy Policy, and Disclaimer. By continuing past this page, you agree to abide by these terms. Any information provided by Wikinvest, including but not limited to company data, competitors, business analysis, market share, sales revenues and other operating metrics, earnings call analysis, conference call transcripts, industry information, or price targets should not be construed as research, trading tips or recommendations, or investment advice and is provided with no warrants as to its accuracy. Stock market data, including US and International equity symbols, stock quotes, share prices, earnings ratios, and other fundamental data is provided by data partners. Stock market quotes delayed at least 15 minutes for NASDAQ, 20 mins for NYSE and AMEX. Market data by Xignite. See data providers for more details. Company names, products, services and branding cited herein may be trademarks or registered trademarks of their respective owners. The use of trademarks or service marks of another is not a representation that the other is affiliated with, sponsors, is sponsored by, endorses, or is endorsed by Wikinvest.
Powered by MediaWiki