Apollo Global Management has named Hector Fernandez as the future CEO of the holding company formed to acquire IGT’s Gaming & Digital business and Everi Holdings.
Fernandez resigned as Aristocrat Gaming CEO earlier this week and will join the combined enterprise by the fourth quarter of 2025, after the expiration of his non-compete period.
“We’re thrilled to name Hector Fernandez as the future CEO of the combined enterprise,” said Apollo partner Daniel Cohen. “As we look to position IGT Gaming and Everi as a premier, diversified customer-centric platform at the forefront of innovation in the gaming and fintech industries, Hector brings an impressive track record of successfully scaling operations and strengthening customer relationships while being a champion for strong values.
“Hector shares our vision to lead this talented global workforce and will foster a people-first culture across the combined enterprise.”
Commenting on his appointment, Fernandez said: “I couldn’t be more excited to be part of this journey with IGT Gaming and Everi. I look forward to partnering with the very talented teams at both companies, as well as the Apollo team leading the transaction.”
The previously announced acquisitions of IGT Gaming and Everi are expected to be completed by the end of Q3 2025, assuming the timely satisfaction of closing conditions, including certain gaming and regulatory approvals. The separation of the IGT Gaming business remains on track and is expected to be complete in early 2025.
Following closing of the transactions, the combined enterprise will be organized into three business units: Gaming, Digital, and FinTech.
IGT’s Global Gaming president Nick Khin will lead the combined enterprise as interim CEO until Fernandez assumes the CEO role.
When Fernandez joins the company, Khin will step into the newly formed role of CEO of Gaming and will oversee the land-based gaming businesses.
Gil Rotem, current president of IGT PlayDigital, will serve as CEO of Digital, and Darren Simmons, currently executive vice president and FinTech business leader at Everi, will serve as CEO of FinTech.
“We’re excited for Nick to take on the additional responsibility of interim CEO upon closing of the acquisitions and are confident he will succeed in his role of leading the land-based gaming businesses of the combined enterprise once Hector officially joins,” continued Cohen. “Under Nick’s leadership, IGT has meaningfully improved its industry position and continues to release top performing games across channels.
“We believe his deep understanding of customers and players, as well as his leadership and passion, will help set the foundation for future success. We are also pleased to have leaders of Gil’s and Darren’s caliber from both companies ready to take on key leadership roles in the combined enterprise.”
Khin commented: “I believe in the tremendous potential of IGT Gaming and Everi as a combined enterprise, and I am honored to serve as interim CEO once the transactions are completed.
“I look forward to working alongside Hector, Gil and Darren, and utilizing the opportunities we have in front of us to generate content-rich experiences and deliver unmatched value to our customers.”
Shares in International Game Technology plc (NYSE:IGT) closed 2.16 per cent lower at $19.48 per share in New York Thursday, while shares in Everi Holdings Inc (NYSE:EVRI) closed unchanged at $13.48 per share.