Connie James to Step Down on August 25; Oliver
Chow to Serve as Interim CFO
Company Initiates Search for Permanent
Replacement
Light & Wonder, Inc. (NASDAQ: LNW) (“Light & Wonder”,
“LNW” or the “Company”) today announced that effective August 25,
2023, Connie James, the Company’s Executive Vice President, Chief
Financial Officer, Treasurer and Corporate Secretary, will be
stepping down from her role at the Company to pursue another
opportunity that will allow her to further advance her long-term
professional objectives outside the gaming industry. Following Ms.
James’ departure, Oliver Chow, the Company’s current Senior Vice
President of Corporate Finance, will assume the role of Interim CFO
until a permanent successor is appointed.
The Light & Wonder Board of Directors has initiated a search
process to identify the Company’s next CFO and has retained a
leading search firm to assist in evaluating both internal and
external candidates for the role.
Matt Wilson, Chief Executive Officer of Light & Wonder,
said, “Connie has played a key role in advancing Light &
Wonder’s cultural and financial transformation, which has led to
operational excellence, double-digit growth and a strengthened
balance sheet. She also helped us build a deep and talented finance
team that will help provide a smooth transition to the next chapter
of financial leadership within the Company. On behalf of the Board
and management team, I wish her well in her future endeavors.”
Ms. James said, “Serving alongside such a talented team has been
a highlight of my career, and I am very proud of what we’ve
accomplished together. We have scaled our business, evolved our
capital allocation strategy and driven considerable efficiencies
that have created a stronger, more flexible Light & Wonder. I
am confident that Light & Wonder is well-positioned for
continued success, and I am focused on ensuring a seamless
transition over the coming months.”
“We are pleased and fortunate to have a leader of Oliver’s
caliber step into the role of Interim CFO,” Mr. Wilson continued.
“With more than 15 years of entertainment and gaming leadership
experience and deep financial expertise, we are confident that
Oliver is well-positioned to support the continued execution of our
financial priorities while the Board conducts its search.”
Prior to joining Light & Wonder in October 2022, Mr. Chow
spent five years in senior-level finance roles at Aristocrat, most
recently serving as Chief Financial Officer - Americas, EMEA and
Customer Experience. Previously, he served in various financial
roles with Universal Pictures, Deluxe Entertainment Services and
JPMorgan Chase & Co. Mr. Chow is also a current Board member of
United Way of Southern Nevada, where he serves as Board Treasurer.
He received a BS in Business Administration from the University at
Albany, SUNY and an Executive MBA from the UCLA Anderson School of
Management.
Light & Wonder also today reaffirmed its target of $1.4
billion consolidated AEBITDA by 20251 provided at its Investor Day
on May 17, 2022. The Company continues to show strong financial
performance on all key metrics in 2023 and looks forward to sharing
its Q2 results in August.
About Light & Wonder, Inc.
Light & Wonder, Inc. (formerly known as Scientific Games
Corporation), is the global leader in cross-platform games and
entertainment. Light & Wonder brings together approximately
6,000 employees from six continents to connect content between
land-based and digital channels with unmatched technology and
distribution. Guided by a culture that values daring teamwork and
creativity, the Company builds new worlds of play, developing game
experiences loved by players around the globe. Its OpenGaming™
platform powers the largest digital-gaming network in the industry.
The Company is committed to the highest standards of integrity,
from promoting player responsibility to implementing sustainable
practices. To learn more, visit lnw.com.
Forward-Looking Statements
In this press release, the Company makes “forward-looking
statements” within the meaning of the U.S. Private Securities
Litigation Reform Act of 1995, including statements related to the
Company’s financial targets. Forward-looking statements describe
future expectations, plans, results or strategies and can often be
identified by the use of terminology such as “may,” “will,”
“estimate,” “intend,” “plan,” “continue,” “believe,” “expect,”
“anticipate,” “target,” “should,” “could,” “potential,”
“opportunity,” “goal” or similar terminology. These statements are
based upon management’s current expectations, assumptions and
estimates and are not guarantees of timing, future results or
performance. Therefore, you should not rely on any of these
forward-looking statements as predictions of future events. Actual
results may differ materially from those contemplated in these
statements due to a variety of risks and uncertainties and other
factors, including those factors described in the Company’s filings
with the Securities and Exchange Commission (the “SEC”), including
the Company’s current reports on Form 8-K, quarterly reports on
Form 10-Q and its annual report on Form 10-K that was filed with
the SEC on March 1, 2023 (including under the headings
“Forward-Looking Statements” and “Risk Factors”). Forward-looking
statements speak only as of the date they are made and, except for
the Company’s ongoing obligations under the U.S. federal securities
laws, the Company undertakes no obligation to publicly update any
forward-looking statements whether as a result of new information,
future events or otherwise.
____________________________ 1 Represents a forward-looking
non-GAAP financial measure that is a goal for the Company and does
not reflect Company guidance. We are not providing a
forward-looking quantitative reconciliation of Consolidated AEBITDA
to the most directly comparable GAAP measure because we are unable
to do so without unreasonable efforts or to reasonably estimate the
projected outcome of certain significant items. These items are
uncertain, depend on various factors out of our control and could
have a material impact on the corresponding measures calculated in
accordance with GAAP.
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version on businesswire.com: https://www.businesswire.com/news/home/20230703951960/en/
Investor Inquiries: Nick Zangari, Senior Vice President
of Investor Relations Steve Wan, Senior Director of Investor
Relations Email: ir@lnw.com Media Inquiries Nick Lamplough /
Lucas Pers / T.J. O’Sullivan, Joele Frank, Wilkinson Brimmer
Katcher, +1 212 355 4449 media@lnw.com
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