Scientific Games Corporation Announces Board Changes
September 16, 2020 at 04:36 pm EDT
Share
On September 11, 2020, certain affiliates of MacAndrews and Forbes Incorporated (M&F) entered into a Stock Purchase Agreement (the SPA) with Pivot Buyer LLC, an affiliate of Caledonia (Private) Investments Pty, pursuant to which a number of investors, including Caledonia, agreed to purchase shares of Scientific Games Corporation's common stock held by M&F equal to 34.9% of the company's outstanding Common Stock in four tranches. Pursuant to the SPA, each of Ronald O. Perelman, Barry F. Schwartz and Frances F. Townsend resigned from the Board of Directors of the company effective as of the closing of the initial tranche of the Stock Purchase. Immediately following such resignations, each of Jamie R. Odell and Antonia Korsanos were elected as directors on the Board, effective as of September 16, 2020. Mr. Odell will serve as Executive Chair of the Board and Ms. Korsanos will serve as Executive Vice Chair of the Board. Mr. Odell previously served as Chief Executive Officer (CEO") of Aristocrat Leisure Limited (Aristocrat") from 2009 to 2017. Prior to joining Aristocrat, Mr. Odell held senior executive roles in the global beverage industry. Since May 2019, Mr. Odell has served as a consultant to the Company with the title of Special Advisor to the Chairman and CEO. Ms. Korsanos previously served as the Chief Financial Officer (2009-2018) and Company Secretary (2011-2018) of Aristocrat. Prior to joining Aristocrat, Ms. Korsanos held senior leadership roles in the consumer goods industry, including at Goodman Fielder and Kellogg's. Since July 2019, Ms. Korsanos has served as a consultant to the Company with the title of Advisor to the CEO. As noted above, each of Mr. Odell and Ms. Korsanos are currently engaged as consultants to the Company.
Light & Wonder, Inc. is a cross-platform global games company with a focus on content and digital markets. The Company's segments include Gaming, SciPlay and iGaming. The Gaming segment designs, develops, manufactures, markets and distributes a comprehensive portfolio of gaming content, products and services. The Company provides its gaming portfolio of products and services to commercial casinos, Native American casinos, wide-area gaming operators such as licensed betting offices (LBOs), arcade and bingo operators in the United Kingdom and continental Europe, and government agencies and their affiliated operators. The SciPlay segment is a developer and publisher of digital games on mobile and Web platforms. The SciPlay segment operates primarily in the social gaming market and hyper-casual space. The iGaming segment provides a comprehensive suite of digital gaming content, distribution platforms, player account management systems, as well as various other iGaming content and services.