Light & Wonder Announces Leadership Transition
August 30 2022 - 3:15PM
Business Wire
Matt Wilson Appointed Interim Chief Executive
Officer
Light & Wonder, Inc. (NASDAQ: LNW) (“Light & Wonder,”
“L&W” or the “Company”), today announced that Matt Wilson,
Light & Wonder’s Executive Vice President and Group Chief
Executive of Gaming, has been appointed interim Chief Executive
Officer while also continuing in his current role. In connection
with the appointment, Barry Cottle has stepped down as President
and Chief Executive Officer and a member of the Company’s Board of
Directors and will support a seamless transition as a
consultant.
The Company’s Board has commenced a search process to identify a
permanent CEO and has engaged a leading national executive search
firm. The search builds on the Board’s well-established succession
planning process and will include both internal and external
candidates.
“As we enter the next chapter of our growth journey as the
leading cross-platform global game company, we are confident that
now is the right time to make this leadership transition,” said
Jamie Odell, Executive Chair of Light & Wonder. “Our Executive
Vice Chair, Toni Korsanos, and I have worked closely with Matt for
over 10 years, including most recently as he has successfully
worked to turn around and reposition Light & Wonder’s Gaming
business for long-term growth. We are confident that his strategic
insights, deep industry knowledge, rich experience and impressive
track record make him the ideal person to serve as interim CEO
during this transition period.”
“I am honored to take on the role of interim CEO during this
exciting time for our company,” said Mr. Wilson. “With a
streamlined organization, sharpened strategic focus and
strengthened balance sheet, we are now better positioned than ever
to capitalize on the incredible opportunities ahead for the
business. I look forward to working closely with the rest of the
leadership team in this new capacity as we continue to accelerate
our progress as a sustainable growth company.”
Mr. Odell concluded, “We thank Barry for all of his
contributions to the fundamental reshaping of the Company that has
positioned it for continued success. With our transformed balance
sheet, continued strong business momentum and great progress
executing on our capital allocation priorities, we see a tremendous
opportunity to drive shareholder value. We look forward to working
closely with Matt and the rest of the management team as we
continue to execute on our strategic roadmap and deliver on our
growth targets.”
Light & Wonder also today reaffirmed its 2022-2025 financial
targets provided at its Investor Day on May 17, 2022. The Company
remains committed to executing on its strategic plan to achieve
these financial targets.
About Matt Wilson
Mr. Wilson is a seasoned executive with nearly 20 years of
gaming industry experience with a proven record of driving growth
and creating value. In his role as Light & Wonder’s Executive
Vice President and Group Chief Executive of Gaming, he led the
strategic growth plans for the Gaming team while overseeing product
development, production, supply chain and sales of the Company’s
Gaming products, systems and services. Prior to joining Light &
Wonder, Mr. Wilson served as President and Managing Director,
Americas at Aristocrat. During his tenure with Aristocrat, he also
served as Senior Vice President of Global Gaming Operations, and
Senior Vice President of Sales and Marketing, Americas. He holds a
Bachelor of Commerce from the University of Wollongong and
completed the Advanced Management Program at Wharton Business
School.
About Light & Wonder, Inc.
Light & Wonder, Inc. (formerly known as Scientific Games
Corporation), is a global leader in cross-platform games and
entertainment. The Company brings together over 5,000 employees
from six continents to connect content between land-based and
digital channels with unmatched technology and distribution. Guided
by a culture that values daring teamwork and creativity, the
Company builds new worlds of play, developing game experiences
loved by players around the globe. Its OpenGaming™ platform powers
the largest digital-gaming network in the industry. The Company is
committed to the highest standards of integrity, from promoting
player responsibility to implementing sustainable practices. To
learn more, visit lnw.com.
Forward-Looking Statements
In this press release, the Company makes "forward-looking
statements" within the meaning of the U.S. Private Securities
Litigation Reform Act of 1995, including statements relating to the
Company’s 2022-25 financial targets. Forward-looking statements can
often be identified by words such as "will," "may," "should,"
“could,” “expect,” “target” or comparable words. These statements
are based upon management's current expectations, assumptions and
estimates and are not guarantees of timing, future results, or
performance. Therefore, you should not rely on any of these
forward-looking statements as predictions of future events. Actual
results may differ materially from those contemplated in these
statements due to a variety of risks, uncertainties and other
factors, including those factors described in our filings with the
Securities and Exchange Commission (the “SEC”), including the
Company’s current reports on Form 8-K, quarterly reports on Form
10-Q and its annual report on Form 10-K that was filed with the SEC
on March 1, 2022 (including under the headings "Forward-Looking
Statements" and "Risk Factors"). 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20220830005978/en/
Investor Inquiries Jim Bombassei, Senior Vice President
of Investor Relations jbombassei@lnw.com
Media Inquiries Nick Lamplough / Lucas Pers / T.J.
O'Sullivan, Joele Frank, Wilkinson Brimmer Katcher, +1 212 355
4449
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