Everi Solidifies Executive Leadership Team
January 24 2019 - 07:30AM
President and CEO Michael Rumbolz’s
Employment Agreement Extended through January 2021
Everi Holdings Inc. (NYSE: EVRI) (“Everi” or the “Company”), the
casino gaming industry’s single source provider of gaming products
and financial technology solutions, announced today that its Board
of Directors has extended the employment agreement of President and
Chief Executive Officer, Michael Rumbolz, for an additional two
years through January 31, 2021. The extension supersedes Mr.
Rumbolz’s prior employment term, which was to conclude in May 2019.
Since his appointment as Interim President and
Chief Executive Officer in February 2016, and subsequently as
President and Chief Executive Officer beginning May 2016, Mr.
Rumbolz has overseen the implementation of a series of strategic
operating initiatives that have resulted to date in nine
consecutive quarters of year-over-year revenue and Adjusted EBITDA
growth, a return to profitability for the Company, and a
significantly improved capital structure. These improvements
established the foundation for Everi to begin to generate
meaningful free cash flow for fiscal 2018, which is expected to
accelerate in fiscal 2019 and beyond.
In addition, the Company announced Darren
Simmons’ promotion to the position of Executive Vice President and
FinTech Business Leader, where he will continue to lead Everi’s
FinTech operations. Mr. Simmons served as Everi’s Interim FinTech
Business Leader during 2018 and under his leadership, the business
segment is poised to achieve record operating performance for
fiscal 2018. Mr. Simmons is responsible for managing the
profitability of Everi’s FinTech Business and continues to lead
product management, product innovation, operations and sales
support.
“Mike is an invaluable leader who is
well-respected across the industry, and we are pleased that we will
continue to benefit from his gaming and FinTech industry expertise
going forward,” said Miles Kilburn, Everi’s Board Chairman. “His
vision has been instrumental in establishing a clear set of key
operating initiatives that have driven improved customer
satisfaction and consistent revenue and Adjusted EBITDA growth.
Under his leadership, Everi has returned to profitability by
growing and diversifying revenues. Combined with improvements to
our capital structure that have significantly reduced our interest
expense, the Company is positioned to generate accelerating free
cash flow. The Board looks forward to continue working with Mike
and the entire executive team as they work together to extend our
growth trajectory, deliver operational excellence and continue to
innovate and deliver best-in-class products to drive customer
satisfaction and shareholder value.”
Mr. Simmons has nearly 20 years of experience in
the Financial Services and Technology industry, with the last 12
years focused on the Gaming industry in a variety of senior
management roles at Everi. He has unparalleled expertise in
managing and developing Everi’s FinTech products, including
developing and directing the Company’s successful implementation of
Europay, Mastercard and Visa (EMV)-chip signature for ATM devices,
and other strategic product developments for Everi customers
worldwide.
“Throughout the last 12 years, Darren has been a
key player in both the growth of our FinTech business and
the Company’s efforts to expand our FinTech product
portfolio,” said Mr. Rumbolz. “We will continue to rely on his
deep experience and keen insight to execute on our growth
strategy goals for 2019 and to provide the highest quality
products and services to our customers worldwide.”
Cautionary Note Regarding
Forward-Looking StatementsThis press release contains
“forward-looking statements” as defined in the U.S. Private
Securities Litigation Reform Act of 1995. In this context,
forward-looking statements often address our expected future
business and financial performance, and often contain words such as
“goal,” “target,” “future,” “estimate,” “expect,” “anticipate,”
“intend,” “plan,” “believe,” “seek,” “project,” “may,” “should,” or
“will” and similar expressions to identify forward-looking
statements. Examples of forward-looking statements include, among
others, statements the Company makes regarding (a) its ability
continue product innovation; drive growth; create incremental value
for its shareholders; and improve its financial profile; and (b)
its expected future business, operating and strategic
decisions.
The forward-looking statements in this press
release are subject to additional risks and uncertainties,
including those set forth under the heading “Risk Factors” and
“Management’s Discussion and Analysis of Financial Condition and
Results of Operations” in our periodic reports filed with the
Securities and Exchange Commission (the “SEC”), including, without
limitation, our annual reports on Form 10-K and quarterly reports
on Form 10-Q, and are based on information available to us on the
date hereof.
These cautionary statements qualify our
forward-looking statements and you are cautioned not to place undue
reliance on these forward-looking statements. Any forward-looking
statement contained herein speaks only as of the date on which it
is made, and we do not intend, and assume no obligation, to update
or revise any forward-looking statements, whether as a result of
new information, future events or otherwise, except as required by
law.
About EveriEveri is a leading
supplier of technology solutions for the casino gaming industry.
The Company Powers the Casino Floor® by providing casino operators
with a diverse portfolio of products including innovative gaming
machines and casino operational and management systems that include
comprehensive, end-to-end financial technology solutions, critical
intelligence offerings, and gaming operations efficiency
technology. Everi also provides proven, tier one land-based game
content to online social and real-money markets via its Remote Game
Server and operates social play for fun casinos. Everi’s mission is
to be a transformative force for casino operations by facilitating
memorable player experiences, delivering reliable protection and
security, and striving for customer satisfaction and operational
excellence. For more information, visit www.everi.com.
Join Everi on Social MediaTwitter:
https://twitter.com/everi_inc LinkedIn:
https://www.linkedin.com/company/everi Facebook:
https://www.facebook.com/EveriHoldingsInc/ Instagram:
https://www.instagram.com/everi_inc
Contacts: Media RelationsLee
HigginsMarketing Communications Specialist(512)
334-7579lee.higgins@everi.com
Investor RelationsRichard Land, James Leahy
JCIR (212) 835-8500evri@jcir.com
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