Light & Wonder has maintained its financial targets due to an ongoing strong performance across all key metrics, as the group pulls back the curtain on an impending Chief Financial Officer transition.
This latter point will see Connie James, Executive Vice President, CFO, Treasurer and Corporate Secretary, depart her role to pursue an opportunity outside of the gaming industry, which will become effective from August 25, 2023.
“Serving alongside such a talented team has been a highlight of my career, and I am very proud of what we’ve accomplished together,” she said.
“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.”
Subsequently, the company has commenced a search to identify a permanent replacement, with “a leading search firm” having been retained to assist in evaluating internal and external candidates.
During the interim period, Oliver Chow, Senior Vice President of Corporate Finance, will assume the role of Interim CFO until a permanent successor is appointed.
Experience gained before joining the firm in October 2022 comes via a five year stint in various finance roles at Aristocrat, where he most recently served as CFO – Americas, EMEA and Customer Experience
Matt Wilson, Chief Executive Officer of Light & Wonder, commented: “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 endeavours.”
Adding: “We are pleased and fortunate to have a leader of Oliver’s calibre step into the role of Interim CFO
“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.”
Furthermore, the group has also reaffirmed the financial targets set at May’s investor day, with Light & Wonder expecting to hit consolidated AEBITDA of $1.4bn by 2025.
In the immediate future, a “strong financial performance on all key metrics” is reportedly continuing to be shown as L&W looks to maintain momentum through the remainder of the year.
