GGRAsia – Gladstone to be Ainsworth chairman from late Nov

Gladstone to be Ainsworth chairman from late Nov

Sep 26, 2019 Newsdesk Industry Talk, Latest News

Australian slot machine maker Ainsworth Game Technology Ltd, also known as AGT, announced on Thursday some planned board changes.

A current non-executive director and previous chief executive, Danny Gladstone (pictured), is slated to become chairman at the conclusion of the firm’s 2019 annual general meeting to be held on November 26.

Afterwards, he will continue as an Ainsworth non-executive director, in a capacity termed as “non-independent”, according to the slot maker’s Thursday announcement.

The group would be “pleased to welcome Danny to his new position as chairman of AGT,” at the conclusion of the November annual meeting, said the firm’s chief executive Lawrence Levy in prepared remarks contained in the Thursday statement.

The appointment would mean the brand had a “greater ability to utilise Danny’s vast industry experience and strong customer relationships,” added Mr Levy.

Graeme Campbell, the current chairman, is due – after the annual meeting – to step down, and assume a role as the firm’s lead independent director.

“Graeme will provide leadership to the independent directors, and advise the board on matters where there may be an actual or perceived conflict of interest. We appreciate Graeme’s much-valued contribution to AGT and we look forward to working with him in this role,” Mr Levy stated.

Austria-based casino equipment maker Novomatic AG has been Ainsworth’s majority owner since January last year, and its strategic partner in sales and technology.

In August Ainsworth said its profit for the 12 months to June 30 had fallen 65.9 percent year-on-year to nearly AUD10.9 million (US$7.4 million), on revenue that declined 11.8 percent for the period, to approximately AUD234.3 million.