GGRAsia – Ainsworth names ex-Novomatic exec Lawrence Levy as CEO

Ainsworth names ex-Novomatic exec Lawrence Levy as CEO

Apr 08, 2019 Newsdesk Industry Talk, Latest News, Top of the deck

Australia-based slot machine maker Ainsworth Game Technology Ltd has appointed Lawrence Levy as the company’s new chief executive, subject to all necessary regulatory approvals.

The appointment, announced on Friday, is effective July 1.

Mr Levy (pictured in a file photo) was until recently vice president global sales at Novomatic AG Austria, Ainsworth stated in a press release.

Novomatic has been Ainsworth Game’s majority owner since January last year, and its strategic partner in sales and technology with a view to building – by playing on the respective strengths of the two brands – market share in key jurisdictions.

Ainsworth announced last September that chief executive Danny Gladstone would be leaving his post after June 30, 2019. The firm said at the time that he would however be staying within the group.

“The board advised that ongoing discussions with Mr Danny Gladstone are expected to ensure an orderly transition and the utilisation of his vast experience,” Ainsworth stated in its Friday release.

Mr Levy will be entitled to an “initial gross salary of AUD700,000 [US$496,500] per annum (exclusive of statutory superannuation contributions),” according to the document. Other benefits include a bonus of “up to AUD300,000 per annum, subject to company performance and board description”.

Mr Levy’s appointment has no fixed term. It is subject to an annual review by Answorth’s board and a six-month probation period.

Commenting on the appointment of Mr Levy as CEO, company chairman Graeme Campbell said the new executive was “a highly respected and experienced gaming executive”. Mr Campbell added, in comments included in Ainsworth’s press release: “I am confident that he will further assist the company achieve its strategies to become a leading provider of innovative gaming technology to the global market”.

Profit at Ainsworth for the six-month period ending December 31 was AUD12.14 million, compared to AUD9.65 million for the prior-year period, the firm announced in February. Group revenue for the period fell 1.9 percent to AUD118.0 million, from just under AUD120.32 million, while the cost of sales moderated year-on-year.