Everi Holdings Inc said on Friday that it has entered into a binding settlement agreement with its former president and chief executive, Ram Chary. Under the terms of the settlement agreement – and Mr Chary’s employment agreement – the company will be paying a total of US$4.6 million to Mr Chary, inclusive of US$0.9 million in legal fees.
U.S.-based Everi is a specialist in cash handling technology and electronic game content for the casino industry.
The company had announced in February 2016 that it had replaced Mr Chary, installing board member and Nevada casino industry veteran Michael Rumbolz initially as interim president and CEO. Mr Rumbolz was later confirmed as permanent replacement.
Friday’s statement quoted E. Miles Kilburn, Everi’s chairman of the board, as saying: “I personally appreciate the integrity with which Mr Chary approached the negotiations that resulted in this settlement agreement.”
Mr Kilburn added: “This is another step forward in our initiatives to position Everi for improved performance based on our strong and diverse portfolio of gaming and payments solutions.
Everi earlier this month posted a full-year 2016 net loss of nearly US$249.5 million, up 138 percent from the previous year. The operating loss for the full year was nearly US$118.6 million, compared to US$9.7 million in 2015.
