Nov. 19, 2013
/PRNewswire/ -- Scientific Games Corporation (Nasdaq: SGMS) (the "Company") announced today that its Board of Directors has appointed
David L. Kennedy
as Chief Executive Officer, who will succeed
A. Lorne Weil
effective immediately. The Board of Directors also determined to separate the roles of Chairman and Chief Executive Officer and has appointed
Ronald O. Perelman
as its Chairman.
Mr. Perelman said, "We are fortunate to have someone of David's caliber step in and lead the Company at this important time. Having served on the Board for the last four years as Vice Chairman and as a member of the Executive and Finance Committee, and as an executive of Scientific Games from 2010 to 2012, David understands the business extremely well and is ideally qualified to work with the management team to further improve results, oversee the integration of WMS Industries, and work with the Board to facilitate an ongoing succession process. The Board is confident that he and the Company's outstanding management team will accelerate business performance and continue to build a strong, profitable company."
"I am honored that the Board has selected me to lead Scientific Games and I am excited about the opportunity to work with the talented executive team in place to continue to grow the business," said Mr. Kennedy. "Scientific Games is well positioned to offer customers a complete suite of products and services, expand opportunities for our employees and drive enhanced value for our stockholders."
Mr. Kennedy, 66, has served as Vice Chairman of the Board and a member of its Executive and Finance Committee since
. Mr. Kennedy served as an executive of Scientific Games from
, including as Chief Administrative Officer from
until March 2012. Mr. Kennedy most recently served as President of MacAndrews & Forbes Holdings Inc. and as President and Chief Executive Officer of Revlon from
through May 2009. Mr. Kennedy's business career, spanning four decades, also includes several senior management and senior financial positions with The Coca-Cola Company, including Managing Director of Coca-Cola Amatil Ltd, a publicly held Australian Company.
About Scientific Games
Scientific Games Corporation is a leading developer of technology-based products and services and associated content for worldwide gaming and lottery markets. The Company's portfolio includes instant and draw-based lottery games; electronic gaming machines and game content; server-based lottery and gaming systems; sports betting technology; loyalty and rewards programs; and social, mobile and interactive content and services. For more information, please visit:
, (212) 754-2233
, (847) 785-3167
, (212) 754-2233
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
; 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