Penn National Gaming, Inc. (PENN: NASDAQ) (“Penn” or the “Company”), announced today the appointment of Saul V. Reibstein, as Senior Vice President and Chief Financial Officer, effective December 4, 2013, subject to customary regulatory approvals. Mr. Reibstein, who served as a member of the Company’s Board of Directors since June 2011 and as Chairman of the Board’s Audit Committee, succeeds William J. Clifford, who assumed the role of Chief Financial Officer of Gaming and Leisure Properties, Inc. (“GLPI”) following the spin-off of GLPI from Penn on November 1, 2013. Mr. Reibstein will report directly to Penn’s Chief Executive Officer, Timothy J. Wilmott.
Concurrent with the commencement of his employment as Senior Vice President and Chief Financial Officer, Mr. Reibstein will resign from the Company’s Board of Directors, reducing the size of the Board to six members. John J. Jacquemin, a current Audit Committee member who previously served as Chairman of the Audit Committee, will succeed Mr. Reibstein as the Chairman of the Audit Committee.
Mr. Reibstein, a CPA, brings over 35 years of public accounting experience and extensive gaming industry knowledge as well as experience with Penn to his new role. At Penn, Mr. Reibstein will be responsible for the Company’s financial and treasury functions, including financial and periodic reporting to the Securities and Exchange Commission, bank relationships, conducting internal and industry analysis to support the Company’s goals for growth, investor relations, and transactional activity.
For 11 years, Mr. Reibstein served as a partner at BDO Seidman, LLP (now BDO USA, LLP), a professional services firm providing assurance, tax, financial advisory and consulting services to a wide range of publicly-traded and privately-held companies. At BDO he was the partner in charge of the Philadelphia office from June 1997 to December 2001 and Regional Business Line Leader from December 2001 until September 2004. Since 2004, Mr. Reibstein has served as a member of the senior management team of CBIZ, Inc., a New York Stock Exchange-listed professional services company. During his tenure at CBIZ, he held a number of positions including, most recently, Senior Managing Director with responsibility for the firm’s New York practice since January 2012. He also oversaw the firm’s business development efforts and managed nine of the firm’s business units within its Financial Services Group. In addition, since July 2010 he has served as a member of the Board of Directors of Vishay Precision Group, Inc., a publicly traded company, where he is Chairman of the Audit Committee and a member of both the Compensation and Nominating and Corporate Governance committees.