International Game Technology Board Backs CEO Hart

Date : 05/08/2012 @ 6:20PM
Source : Dow Jones News
Stock : Altaba Inc. (MM) (AABA)
Quote : 66.88  -0.55 (-0.82%) @ 2:06PM

International Game Technology Board Backs CEO Hart

International Game Technology (NYSE:IGT)
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The board of International Game Technology (IGT) affirmed its support for Chief Executive Patti Hart after she chose not to seek reelection to Yahoo Inc.'s (YHOO) board.

Yahoo later Tuesday confirmed Hart's decision.

IGT released a statement backing Hart's leadership after an activist investor last week flagged an inaccurate regulatory filing that embellished the credentials of Yahoo Chief Executive Scott Thompson, who was vetted by a board search committee chaired by Hart. Yahoo later confirmed the error in Thompson's biography.

Yahoo's board said Tuesday it has formed another committee to further review Thompson's academic credentials, which were also misstated on the company's website, as well as the circumstances that led to the review and disclosure of those credentials.

Third Point LLC, run by activist investor Dan Loeb, has also accused Yahoo of misstating Hart's credentials by inaccurately describing her degree in marketing and economics from Illinois State University. Yahoo responded that she holds a business administration degree with specialties in marketing and economics.

IGT Chairman Philip Satre said the slot-machine maker's board "unanimously stands behind Patti as our CEO and fully supports her leadership and the direction she has set."

The board also "found no material inconsistencies" in Hart's academic credentials "after a thorough review," Satre said.

IGT shares were recently up 1.2% at $15.12 in light after-hours trading. Yahoo was up 4 cents at $15.40.

 
   -By Drew FitzGerald, Dow Jones Newswires; 212-416-2909; Andrew.FitzGerald@dowjones.com 
 

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