Shuldman resigns as TransAct CEO, Dillon interim CEO

Apr 06, 2023 Newsdesk Industry Talk, Latest News  

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Bart Shuldman has resigned as chief executive of gaming industry supplier TransAct Technologies Inc, according to a Wednesday press release from the United States-based company.

The firm – a supplier of slot machine printers, casino-player management software and food-safety management technology – said board member John Dillon had been made interim CEO.

Mr Shuldman had served as TransAct’s CEO and as a director since the company’s formation in June 1996, according to its most recent proxy filing lodged with Nasdaq on April 18 last year.

He was cited as saying in Wednesday’s statement: “After 27 years of serving as TransAct’s CEO, it feels like the right time to step away and spend more time with my family.”

According to the most recent proxy statement, Mr Shuldman’s total compensation package in 2021 was just over US$1.7 million, including US$530,450 in wages.

Mr Dillon has been on the board since 2011.

Board chair Haydee Olinger was quoted as saying TransAct was “fortunate” to be able to call on Mr Dillon’s capabilities, as a person with CEO experience elsewhere.

She stated Mr Dillon had been “intimately involved in the development” of the firm’s strategic plan as a director, and added he was “very familiar with our culture and our operations, having served on our board for more than a decade”.

Ms Olinger took on the TransAct chair role – previously held by Mr Shuldman – in 2022, according to the April 2022 proxy statement.

Mr Dillon was cited as saying: “I am eager to take a more active leadership role in the business as we look to grow revenue and execute on our strategic plan.”

TransAct reported a net loss of US$5.9 million for full-year 2022, compared with a US$4.0-million loss in 2021. The company posted negative adjusted EBITDA of US$5.2 million in 2022, an improvement on the US$7.5-million EBITDA loss in the prior year.

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