Accel Entertainment is making changes to its leadership team with newly appointed chief operating officer Mark Phelan assuming the role of CEO later this year.
Phelan currently serves as president of US Gaming and will now take on additional responsibilities as chief operating officer.
He will succeed Andy Rubenstein as CEO and president in August, with Rubenstein taking on the role of chairman of the company’s Board of Directors. Phelan is also expected to join the Accel Board at that time.
Accel said that these changes reflect the Board’s long-term commitment to strong corporate governance and a leadership succession strategy.
“After 17 years, and having built a deep bench of talent, I am confident that transitioning day-to-day leadership to Mark will enable Accel to continue to capitalize on our many growth opportunities,” said Rubenstein. “Accel has grown into a public company that is a leader in the route gaming industry, operating across 10 states, partnering with over 4,600 local retail businesses, employing more than 1,600 people, and generating billions of dollars in municipal and state tax revenue over the years in the states we serve.
“As chairman, I look forward to continuing my close work with Mark and the Board, as we look to extend Accel’s position as an industry leader and build new value for shareholders.”
As part of the leadership changes, Karl Peterson has been appointed as lead independent director of the Accel Board.
“On behalf of the Board, we are grateful to Andy for his outstanding leadership and the foundation and culture of integrity he established that defines Accel today,” said Peterson. “After careful consideration and discussions with Andy, the Board is confident that now is the right time to effect this transition, as the company continues to grow and evolve into a scaled, multi-state enterprise.
“We believe Andy’s new role will allow him to leverage his long-standing local and industry relationships and regulatory experience to help further position Accel to capitalize on promising growth opportunities, including expanding into the Chicago VGT market.”
Phelan commented: “Accel has a strong foundation, long-standing partnerships, and a culture built on accountability. My focus will be on execution – improving the experience for our location owners and players, driving consistent performance across our markets, operating with discipline, identifying and capitalizing on growth opportunities, and working to create long-term value for shareholders.
“I am honored that Andy and the Board have selected me to lead Accel and I am excited to build on Andy’s long-term goal to make Accel the clear leader in the US Locals Gaming Market.”
Rubenstein added: “Mark has a deep understanding of the distributed gaming business and a demonstrated record of effective execution. He understands Accel’s markets, partners, regulators, and players, and has shown the judgment and discipline required to lead the company at scale. I am very confident and excited about his ability to lead Accel through its next phase of growth.”
Shares in Accel Entertainment Inc (NYSE:ACEL) closed 0.80 per cent higher at $11.40 per share in New York Monday.