Everi Holdings Inc president and chief executive Michael Rumbolz will continue at the helm of the American supplier of casino technology for another two years. In a written statement issued on Thursday, Everi Holdings said it had extended Mr Rumbolz’s term of employment until January 31, 2021. His contract was due to end in May.
The statement said that since he became chief executive in February 2016 Mr Rumbolz had achieved nine quarters in a row, of annual growth in revenue and in adjusted earnings before interest, tax, depreciation and amortisation.
“Under his leadership, Everi has returned to profitability by growing and diversifying revenues,” said Everi board chairman Miles Kilburn.
Mr Kilburn stated Mr Rumbolz had also overseen improvements in the capital structure of the company, so reducing its interest expenses. “The company is positioned to generate accelerating free cash flow,” he said.
Everi also said it had promoted Darren Simmons to the position of executive vice-president and leader of the financial technology or “fintech” segment of the business. The statement says that Mr Simmons took charge of fintech operations last year and credited his leadership with what should be a record-breaking 12 months for the financial technology division.
Mr Simmons is responsible for the profitability of the fintech business, and is in charge of product management, product innovation, operations and sales support. The statement said he was responsible for Everi’s implementation of Europay, Mastercard and Visa (EMV)-chip signature for ATM devices, among other strategic product developments.
Of Mr Simmons, Mr Kilburn said: “We will continue to rely on his deep experience and keen insight to execute on our growth strategy goals for 2019 and to provide the highest-quality products and services to our customers worldwide.”
Last November, Everi Holdings reported a net profit of nearly US$2.1 million for the third quarter, compared to a US$4.3-million net loss in the corresponding quarter of 2017. Revenues grew by 17.3 percent to US$120.3 million, up from US$102.6 million 12 months earlier.
Everi executives have said the growth in revenue, earnings and cash flow has seen the company reduce debt while increasing its investment in the development of new products and technologies. In September the firm had outlined to investors that strategy.
Among the most promising benefits of the company’s investments is a promise to tie the automation of cash management processes to “core accounting systems”
It announced a partnership to explore this “ambitious plan” with the SuzoHapp Group, a supplier of cash handling systems, in October. When announcing the partnership to sell automated cash management systems, Mr Simmons said the tie-up could help “casinos efficiently monitor, process and forecast their cash”.
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Teo Chun Ching
Chief executive of Singapore’s Gambling Regulatory Authority