Scientific Games Corporation has appointed David Kennedy as the company’s new president and chief executive, succeeding Lorne Weil with immediate effect.

Kennedy has served as vice chairman of the company’s board and a member of its executive and finance committee teams since October 2009. He also served as an executive of Scientific Games from November 2010 until March 2012, including as chief administrative officer.  

“I am honoured that the board has selected me to lead Scientific Games and I am excited about the opportunity to work with the talented executive team in place to continue to grow the business,” said Kennedy following his appointment.

“Scientific Games is well positioned to offer customers a complete suite of products and services, expand opportunities for our employees and drive enhanced value for our stockholders.”

Kennedy replaces Lorne Weil with immediate effect. Scientific Games gave no reason for Weil’s departure from the company, where he has served for over twenty years.

Weil was appointed chairman of the board in October 1991 and served as CEO from April 1992 through December 2008. He also served as president of the company from August 1997 to June 2005. In November 2010, at the request of Scientific Games, Weil once again was appointed to the dual role of chairman and CEO.

In a statement Tuesday, Scientific Games confirmed that its board of directors had now determined to separate the roles of chairman and CEO, with Ronald Perelman appointed chairman. Perelman has been a director of the company since 2003.

“We are fortunate to have someone of David's caliber step in and lead the company at this important time,” said Perelman. “David understands the business extremely well and is ideally qualified to work with the management team to further improve results, oversee the integration of WMS Industries, and work with the board to facilitate an ongoing succession process.

“The board is confident that he and the company's outstanding management team will accelerate business performance and continue to build a strong, profitable company.”

Shares in Scientific Games Corporation (Co. Data) (NASDAQ:SGMS) closed at $18.24 per share in New York Monday.