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Light & Wonder Inc (formerly Scientific Games Corp) has confirmed that Barry Cottle has resigned as Chief Executive and a board member of the Nasdaq cross-platform games supplier.
The board of L&W has begun a search process to find Cottle’s successor, as long-term senior executive Matt Wilson takes charge of the day-to-day leadership of L&W as Interim CEO.
The former CEO of SG Interactive, in 2018 Cottle was elected to replace Kevin Sheehan as Group CEO of Scientific Games Corp.
Cottle’s leadership tenure saw SGC aggressively expand its digital arm and sports betting unit, as the Nasdaq technology group undertook year-on-year acquisitions of NYX Gaming, Don Best, SidePlay Games and Authentic Gaming.
However, SGC growth plans were undone by dire 2020 trading, which saw US finance magnate Ron Perelman sell his 39% majority stake in the business.
The technology group was subsequently ordered to undertake a strategic review with the aim of deleveraging its outstanding $9bn corporate debt.
A business transformation saw SGC rebrand to Light & Wonder, shedding significant weight by agreeing to sell its OpenBet sports betting unit to Endeavor Group Holdings for $1.2bn and its SG Global Lottery division to PE fund Brookfield Partners for $6.1 billion.
A statement by Jamie Odell, Executive Chair of Light & Wonder, read – “We thank Barry for all of his contributions to the fundamental reshaping of the Company that has positioned it for continued success.
“With our transformed balance sheet, continued strong business momentum and great progress executing on our capital allocation priorities, we see a tremendous opportunity to drive shareholder value.
“We look forward to working closely with Matt and the rest of the management team as we continue to execute on our strategic roadmap and deliver on our growth targets.”
Interim CEO Matt Wilson has previously served as L&W’s executive VP and Chief Executive of Gaming, overseeing the firm’s strategic transformation of its online gambling division and product development.
“I am honoured to take on the role of interim CEO during this exciting time for our company,” Wilson commented..
“With a streamlined organization, sharpened strategic focus and strengthened balance sheet, we are now better positioned than ever to capitalize on the incredible opportunities ahead for the business.”
Light & Wonder concluded its statement by reaffirming its ‘2022-2025 financial targets’ provided at its Investor Day on May 17, 2022 – in which leadership is committed to executing its ‘strategic transformation plans’.
