Scientific Games Loses Two Directors
At the time of the SEC filing, no reason was given for the resignations.
Kevin Sheehan’s Future Unknown
Kevin Sheehan served as Scientific Games CEO and President for a brief period, which saw the company’s stock trading at an all-time high. Sheehan steered the company through the acquisition of Bally Technology, a pokies machine manufacturer, WMS, and an Internet account management system. The announcement he would be stepping out of that role resulted in the stocks plummeting by more than half.
His resignation comes just a short time after he stepped down from the position of CEO. He was replaced by Barry Cottle and joined the board shortly after that. No doubt his resignation will affect investor confidence further. There has been no indication of what Sheehan’s future plans may hold.
Viet Dihn Joins New Fox
Viet Dinh, who sits on multiple boards has been announced as the Chief Legal and Policy Officer at a new entity, which will result when Disney finalises its acquisition of the majority of 21st Century Fox. A merger with a $71.3 billion price tag.
The new entity will include Fox broadcast network, FS1, and Fox News. Dinh will oversee all legal and regulatory issues and public affairs. The Harvard graduate worked as a law clerk for Justice Sandra Day O'Connor and recently resigned as independent director at 21st Century Fox to fulfill his new role at the new Fox with Lachlan Murdoch.
Insider View of Scientific Games
Scientific Games is a leading provider of end-to-end gaming solutions. The company has four major divisions: gaming, lottery, digital, and social. They aim to offer their customer’s integrated technology, engaging content and unrivalled service. Scientific Games headquarters are in Las Vegas Nevada.
They produce content for online casinos, retail casinos and digital platforms. The portfolio includes draw-based lottery games, instant lottery games, Electronic game machines and content, server-based systems, sports betting, reward and loyalty programmes, and mobile services.
The company has just extended its contract with Washington’s Lottery for a further four years. They will continue to provide instant games for the lottery and a new mobile app and loyalty program until March 2024. They have been providing games to the lottery since it launched in 1982.
The seemingly sudden departure of not 1 but 2 directors may have hit them hard, but the brand has a long history in the industry and will surely be able to get back on track in the not-so-distant-future.