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 Companys 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 Companys 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. Its 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 Companys 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.