IGT says CFO Fornaro to step down on January 31

Dec 03, 2019 Newsdesk Industry Talk, Latest News  

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Global gaming equipment provider International Game Technology Plc (IGT) announced on Monday that Alberto Fornaro resigned from his position as chief financial officer (CFO). The resignation will be effective January 31, 2020, according to the firm’s latest filing.

IGT said Mr Fornaro is stepping down “to pursue other professional opportunities” but will continue in his current position for two more months to ensure “an orderly and seamless transition of his responsibilities”.

In Monday’s filing, IGT’s chief executive Marco Sala praised Mr Fornaro’s “leadership and outstanding contribution” to the company, “including helping to secure large, strategically important contracts for the next several years”.

The filing also quoted Mr Fornaro as saying: “With the recent completion of important refinancing activity and a strong finance organisation in place, it is the right time for me to move on to a new challenge.”

The firm’s current senior vice president and chief accounting officer Timothy Rishton will act as the company’s interim CFO “during the search for a permanent replacement,” said IGT.

The company noted that it had initiated “a global search with a leading executive search firm” to find a permanent successor for Mr Fornaro.

IGT last month reported net income of nearly US$103.6 million for the third quarter, compared to US$22.3 million in the prior-year period. Consolidated revenue for the period was flat in year-on-year terms, at slightly above US$1.15 billion.

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