Penn National Gaming’s Chief Financial Officer, David Williams, Announces Decision to Step Down; 20-Year Veteran Gaming Ind...
January 04 2021 - 7:30AM
Business Wire
Penn National Gaming, Inc. (Nasdaq: PENN) (“Penn National” or
the “Company”) announced today that David (“Dave”) Williams, has
stepped down as Executive Vice President and Chief Financial
Officer (“CFO”) as of December 31, 2020. Taking his place, subject
to customary regulatory approvals, will be Felicia Hendrix, who
will be joining Penn National as Executive Vice President and CFO
on March 2nd following more than 20 years as an equity research
analyst covering the gaming, lodging and leisure industries. Ms.
Hendrix will be reporting directly to Penn National’s Chief
Executive Officer, Jay Snowden.
Mr. Williams, who has agreed to stay with the Company in a
temporary advisory role to help ensure a smooth transition, said of
his planned departure: “To say my relatively brief tenure at Penn
National was a roller coaster ride would be an understatement. We
went from the excitement of announcing our new partnership with
Barstool Sports to the temporary shutdown of all of our operating
assets in my first two months on the job. I am very proud of the
way our Company responded to the unprecedented challenges the
pandemic presented, and the role I played in helping to raise more
than $1 billion in new equity to be able to weather the storm.
While I am grateful for the opportunity to have been a part of the
incredible team at Penn, the challenges of continuing to work
remotely from the West Coast and the potential strain of a
relocation of my family during the ongoing pandemic has led me to
this difficult decision.”
Penn National’s President and Chief Executive Officer, Jay
Snowden, commented, “I want to express my sincere appreciation to
Dave for his dedication and support of our Company over the past
year. He was quickly thrown into the fire, and I’m grateful for the
way he stepped up and helped us navigate our way through the
shutdowns of our casinos, ensuing companywide furloughs, and
successful capital raises. We wish him all the very best in his
future pursuits.”
“Fortunately, we have someone of Felicia’s caliber and
exhaustive experience on Wall Street as an equity research analyst
-- who happens to have covered Penn for the last two decades -- to
step in as our new CFO,” continued Mr. Snowden. “I have long
admired Felicia and her deep knowledge of the gaming industry,
impressive work ethic, sharp wit and attention to detail. I’m
confident she’ll be able to hit the ground running in her new role,
and we couldn’t be happier to have her officially join our Penn
National Gaming family.”
Felicia Hendrix most recently was a Managing Director and Equity
Research Analyst at Barclays, covering the gaming, lodging and
leisure industries and had been consistently recognized in the
Institutional Investor All Americas Research Team polls. Her varied
coverage universe, which spanned companies with market caps ranging
from $2.5 billion to $45 billion and comprised differing revenue
bases, cost structures, leverage levels and management depth,
enables Felicia to bring a unique perspective to Penn National.
Prior to joining Barclays, Felicia was a Managing Director at
Lehman Brothers. Ms. Hendrix holds a Bachelor’s Degree from the
University of Virginia and an M.B.A from the Darden School of
Business at the University of Virginia.
About Penn National Gaming
With the nation's largest and most diversified regional gaming
footprint, including 41 properties across 19 states, Penn National
continues to evolve into a highly innovative omni-channel provider
of retail and online gaming, live racing and sports betting
entertainment. The Company's properties feature approximately
50,000 gaming machines, 1,300 table games and 8,800 hotel rooms,
and operate under various well-known brands, including Hollywood,
Ameristar, and L'Auberge. Our wholly-owned interactive division,
Penn Interactive, operates retail sports betting across the
Company's portfolio, as well online social casino, bingo, and
iCasino products. In February 2020, Penn National entered into a
strategic partnership with Barstool Sports, whereby Barstool is
exclusively promoting the Company's land-based and online casinos
and sports betting products, including the Barstool Sportsbook
mobile app, to its national audience. The Company's omni-channel
approach is bolstered by the myChoice loyalty program, which
rewards and recognizes its over 20 million members for their
loyalty to both retail and online gaming and sports betting
products with the most dynamic set of offers, experiences, and
service levels in the industry.
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version on businesswire.com: https://www.businesswire.com/news/home/20210104005131/en/
Eric Schippers Sr. Vice President, Public Affairs Penn National
Gaming 610/373-2400
Joseph N. Jaffoni, Richard Land JCIR 212/835-8500 or
penn@jcir.com
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