GGRAsia – Wilson global CEO Light & Wonder, Lane CEO gaming

Wilson global CEO Light & Wonder, Lane CEO gaming

Oct 11, 2022 Newsdesk Industry Talk, Latest News, Top of the deck

Casino and game technology provider Light & Wonder Inc – previously known as Scientific Games Corp – has appointed Matt Wilson as president and chief executive, “effective immediately”, the firm announced on Monday. The company also named Siobhan Lane as CEO of gaming business.

Mr Wilson (pictured in a file photo) was in addition named as a member of the company’s board of directors.

In late August, Light & Wonder had appointed Mr Wilson as interim CEO, as Barry Cottle stepped down as president, CEO, and a member of the company’s board of directors. At the time, it was said Mr Wilson would continue in his previous role as executive vice president and chief executive of gaming.

Monday’s press release quoted the group’s executive chair Jamie Odell as saying that the board of directors had “unanimously determined that Matt is the right choice to lead Light & Wonder’s next chapter given his impressive track record, extensive industry experience and his pivotal role in transforming our business”.

Mr Odell added: “Matt has demonstrated impressive leadership, strategic vision and a passion for our business.”

Also quoted in the release, Mr Wilson stated that Light & Wonder was “well-positioned to drive substantial growth and shareholder value” as it worked “to capture the incredible opportunities ahead”.

In connection with Mr Wilson’s appointment, the company announced that Ms Lane, senior vice president and chief commercial officer of gaming, had been named the new CEO of gaming business.

“Siobhan has been critical to our efforts to reposition the business and is one of the most strategic and capable leaders I have had the pleasure of working alongside,” said Mr Wilson in comments included in Monday’s release.

Mr. Wilson has close to 20 years of gaming industry experience, according to Light & Wonder. Prior to joining the company in 2020, he held senior executive roles at its market rival the Aristocrat group.

Ms Lane has served as Light & Wonder’s senior vice president and chief commercial officer of gaming since February 2020. She was also previously a senior executive at the Aristocrat group.

Light & Wonder reaffirmed in August 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 earnings before interest, taxation, depreciation and amortisation (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. Last month, the company said it had completed the sale of its sports betting business, OpenBet, to Endeavor Group Holdings, Inc. The completed transaction involved total gross proceeds of approximately US$800 million.