NEW YORK, June 10, 2014 /PRNewswire/ -- Scientific Games Corporation (Nasdaq: SGMS) ("Scientific Games" or the "Company") today announced the appointment of Gavin Isaacs as President and Chief Executive Officer of Scientific Games, succeeding David L. Kennedy effective immediately. Mr. Kennedy will continue to serve as Executive Vice Chairman of the Board.
Mr. Isaacs is an accomplished gaming industry executive with more than 15 years of industry leadership experience. Most recently, he served as Chief Executive Officer of SHFL entertainment, Inc. from April 2011 through November 2013 when the company was acquired by Bally Technologies, Inc. Previously, Mr. Isaacs served as Executive Vice President and Chief Operating Officer of Bally Technologies from May 2006 through March 2011. Prior to joining Bally Technologies, he held senior roles at Aristocrat Leisure Limited, including Head of Global Marketing and Business Development, Managing Director of Aristocrat's London-based European subsidiary and President of Aristocrat Technologies, Inc., Aristocrat's Las Vegas-based subsidiary focused on North and South America. Mr. Isaacs is also a Trustee and former President of the International Association of Gaming Advisors.
"Gavin is a very talented and seasoned gaming industry executive with the necessary skills to lead our Company to the next level of growth and performance," said Ronald O. Perelman, Chairman of the Board of Scientific Games. "He has an impressive track record of success and is recognized for his dynamic leadership. We believe his focus on customer relationships, strategic thinking and expertise in growing innovation-focused businesses make him the ideal choice to lead our efforts to achieve greater profitability and increased cash flow."
Mr. Perelman continued, "We extend our thanks and appreciation to David for stepping up to lead the Company during the last six months and work with the Board to facilitate the CEO succession. We were fortunate to have a leader of David's stature and experience at such an important time, and we are pleased that he will continue to serve the Company and our stockholders as Executive Vice Chairman."
Mr. Isaacs commented, "I am tremendously enthused to join the Company at this exciting and challenging time and lead the business to the next level. Scientific Games has a skilled worldwide organization that is focused on improving performance and growth. In collaboration with the entire Scientific Games team, I look forward to working together as we concentrate on creating and distributing innovative products and services to our customers, completing the integration of WMS and enhancing stockholder value."
On June 9, 2014, Mr. Isaacs was granted 85,935 restricted stock units (RSUs) and stock options to purchase 161,181 shares of the Company's common stock (with an exercise price of $8.73 per share, representing the average of the high and low sales prices of the Company's stock on June 6, 2014, and a ten-year term), which awards are scheduled to vest in one-fourth increments on each of the first four anniversaries of the date of grant. The RSUs and stock option grants were approved as employment inducement grants pursuant to Nasdaq Listing Rule 5635(c)(4).
Conference Call Today at 11:30 ET
Scientific Games will host a conference call today, June 10, at 11:30 am ET to welcome Gavin Isaacs and take questions. To access the call live via a listen-only webcast, please visit www.scientificgames.com and click on the webcast link under the Investor Information section. To access the call by telephone, please dial (877) 474-9504 (U.S. and Canada) or (857) 244-7557 (international). The conference ID is SGMS. A replay of the webcast will be archived in the Investor Information section on our website.
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: www.scientificgames.com.