U.S.-based brokerage Sterne Agee views the leadership change at Bally Technologies Inc as “positive”.
The gaming supplier announced last week the appointment of Richard “Dick” Haddrill (pictured, second from left) as chief executive of the company, effective from May 23. He replaces Ramesh Srinivasan, who will no longer serve as president and chief executive of Bally Technologies, the company said in a statement.
Bally Technologies did not provide a reason for the sudden departure of Mr Srinivasan.
“During a FY15 board of directors strategic review, we believe several strategic opportunities (new potential partnerships, revenue synergies with SHFL Entertainment Inc, etc.) were identified. Mr Haddrill was generally viewed by the board as a better cultural and strategic fit to execute on these strategies than Mr Srinivassan, in our view,” Sterne Agee analyst David Bain wrote in a note.
Mr Bain says Mr Srinivassan’s departure is likely to have been amicable.
“We believe Mr Haddrill is committed for the long term, and looks to capitalise on a strategic three- to five-year plan.”
