GGRAsia – Matt Wilson interim CEO at L&W as Cottle steps down

Matt Wilson interim CEO at L&W as Cottle steps down

Aug 31, 2022 Newsdesk Industry Talk, Latest News, Top of the deck

Casino and game technology provider Light & Wonder Inc – previously known as Scientific Games Corp – says Matt Wilson (pictured in a file photo), the firm’s executive vice president and chief executive of gaming, has been appointed interim CEO, while also continuing in this current role.

In a Tuesday press release, Light & Wonder also said that Barry Cottle had stepped down as president, CEO, and member of the company’s board of directors. Mr Cottle “will support a seamless transition as a consultant,” stated the firm.

“The company’s board has commenced a search process to identify a permanent CEO and has engaged a leading national executive search firm,” said the gaming supplier. “The search builds on the board’s well-established succession planning process and will include both internal and external candidates.”

Jamie Odell, executive chair of Light & Wonder, said in prepared remarks that the company was “confident” that it was “the right time” to make the leadership transition, as the group enters the “next chapter” of its “growth journey as the leading cross-platform global game company.”

“Our executive vice chair, Toni Korsanos, and I have worked closely with Matt for over 10 years, including most recently as he has successfully worked to turn around and reposition Light & Wonder’s gaming business for long-term growth,” said Mr Odell.

He added: “We are confident that his strategic insights, deep industry knowledge, rich experience and impressive track record make him the ideal person to serve as interim CEO during this transition period.”

Mr Odell also thanked Mr Cottle “for all of his contributions to the fundamental reshaping of the company that has positioned it for continued success.”

Light & Wonder reaffirmed on Tuesday its financial targets for the 2022-2025 period. In May, the group said at its 2022 Investor Day it was aiming by 2025 to achieve annual consolidated adjusted EBITDA of US$1.4 billion. The firm also aimed at “total capital creation of US$10 billion from 2022 to 2025”.

The group saw its aggregate revenue rise 5.0 percent year-on-year in the second quarter, to US$610 million. Such growth was supported by an increase in revenue in the group’s gaming segment and digital business SciPlay.

In April, Light & Wonder completed the sale of the group’s lottery business. The company is also selling its sports betting business: the deal is due to be closed by the end of the third quarter this year. The firm is to get US$750 million in cash and US$50 million in stock from the acquiring business, United States-listed Endeavor Group Holdings Inc, a sports and entertainment firm, under an amended agreement announced earlier this year.