GGRAsia – Light &Wonder CFO Connie James leaves, Oliver Chow interim

Light &Wonder CFO Connie James leaves, Oliver Chow interim

Jul 04, 2023 Newsdesk Industry Talk, Latest News

Connie James is leaving casino equipment and game technology provider Light & Wonder Inc, the firm confirmed on Monday. Ms James will step down from her role as executive vice president, chief financial officer, treasurer and corporate secretary, on August 25, the company said in a press release.

Following Ms James’ departure, Light and Wonder’s senior vice president of corporate finance, Oliver Chow, will assume the role of interim CFO “until a permanent successor is appointed”.

Prior to joining Light & Wonder in October 2022, Mr Chow spent five years in senior-level finance roles at industry rival Aristocrat group, most recently serving as chief financial officer – Americas, Europe, Middle East, and Africa, and customer experience.

The release said Ms James was leaving the company “to pursue another opportunity that will allow her to further advance her long-term professional objectives outside the gaming industry”. She had joined Light and Wonder in January 2020, firstly as CFO of the gaming business segment, being promoted to her current role with effect from October 2021.

Light & Wonder said its board of directors had “initiated a search process to identify the company’s next CFO” and had “retained a leading search firm to assist in evaluating both internal and external candidates for the role”.

The press release quoted Matt Wilson, chief executive of Light & Wonder, has stating that Ms James had “played a key role in advancing Light & Wonder’s cultural and financial transformation, which has led to operational excellence, double-digit growth and a strengthened balance sheet.”

Also on Monday, Light & Wonder reaffirmed its target of US$1.4-billion in annual consolidated adjusted earnings before interest, taxation, depreciation and amortisation (EBITDA) by 2025, first announced in May 2022. The firm is scheduled to disclose its second quarter results in August.

Light & Wonder had revenue of US$670 million for the first quarter of 2023, up 17.1 percent from a year earlier, it reported in May. The company’s quarterly consolidated adjusted EBITDA was up 23.3 percent year-on-year, at US$249 million, “driven by double-digit growth” across all of the group’s businesses, as well as “improved margin”, stated the firm in a release at the time.