US gaming and lottery supplier Scientific Games Corporation is on the lookout for a new chief financial officer after Scott Schweinfurth confirmed that he will be retiring from the company.

The company has initiated a search process and retained leading executive search firm Egon Zehnder to consider both internal and external candidates to fill the CFO position.

Schweinfurth will continue in his role as executive vice president, CFO and corporate secretary through the company's year-end financial audit and filing of its Form 10-K (Annual Report) and the appointment of his successor.

He will work closely with Scientific Games management to ensure a smooth and successful transition of responsibilities.

"On behalf of the board of directors and everyone on the Scientific Games team, I want to thank Scott for his leadership and significant contributions to our company,” said Scientific Games president and CEO Gavin Isaacs. “We look forward to an orderly and seamless transition of his responsibilities.

“I've known Scott for many years and having worked so closely with him during the last 18 months, I will miss his good humour and friendship. We wish him and his family all the best as he embarks on a new chapter in his life."

Schweinfurth joined Scientific Games in October 2013 as senior vice president, CFO of Gaming and chief integration officer. Prior to that, he was executive VP, CFO and treasurer of WMS Industries, and also served in a similar role at Bally Technologies before joining WMS in 2000.

"I am privileged to have been part of the Scientific Games team, working alongside many talented people across our global organization,” Schweinfurth said. “I've thoroughly enjoyed my 20+ years in the gaming industry at Scientific Games, WMS and Bally, but now it's time for me to retire.

“With the talented and experienced team we've built as we integrated our companies, I am confident that it is the right time to transition the Company's financial leadership. I look forward to enjoying my retirement and spending more time with my family and friends."

Scientific Games also announced that Michael Quartieri has joined the company as VP and corporate controller. Quartieri most recently served nine years as SVP, chief accounting officer, and global controller for casino operator Las Vegas Sands.

Previously, he had a 13-year tenure at Deloitte & Touche, rising to the position of director of audit and assurance services and specializing in gaming and hospitality clients.

"We welcome Mike to Scientific Games and to our finance and accounting team,” said Isaacs. “I am confident that his leadership, experience and wide range of capabilities will benefit our organization and all of our stakeholders as we grow and evolve our business."

Shares in Scientific Games Corporation (Co. Data) (NASDAQ:SGMS) closed down 6.71 per cent at $7.93 per share in New York Friday.