Gavin Isaacs’ tenure as chief executive and president of Scientific Games is over, with Kevin Sheehan appointed as his successor.
Isaacs steps down from the top job after just over two years, and will now serve as vice chairman of the gaming corporation’s board of directors.
He will be replaced by Sheehan, who joins from NASDAQ-listed cruise line operator Norwegian Cruise Line, where he served as president and CEO.
“Today we are one company with three strong businesses – gaming, lottery and interactive. Our integration is behind us and our business strategies are delivering solid results,” Isaacs explained. “With our momentum building, I'm moving from an operational leadership position to a more strategic role, vice chairman of the board of directors.
“On behalf of my colleagues and the board, we welcome our new CEO and president, Kevin Sheehan. This is the right time to grow our leadership team and have someone of Kevin's talent, experience, and financial acumen take us to the next phase of growth and innovation.”
Sheehan joins from Norwegian Cruise Line, where he spent seven years in charge of the business. During his tenure he oversaw the company’s initial public offering in 2013, one of the most successful of the year, and presided over strong sales and EBITDA grwoth.
He expanded the cruise line’s business with new classes of ships such as luxury cruise lines, improved on-board service, and strengthened the company’s presence in Europe.
Prior to Norwegian Cruise Lines, Sheehan served as chairman and CEO of a division of Cendant Corporation, a real estate and travel giant that has since been broken up and spun off into a number of smaller companies. He was responsible for the Vehicle Services Division, covering Avis Rent A Car, Budget Rent A Car, Budget Truck, PHH Vehicle Management, First Fleet and Wright Express. He also served as Cendant's chief financial officer between 2001 and 2003.
“This is an exciting time to join Scientific Games,” Sheehan said. “Scientific Games is the worldwide leader in gaming, lottery and interactive innovation and I look forward to building on that momentum to drive continued growth across the company.
“Scientific Games offers an unrivaled comprehensive suite of products and services for our customers around the world and is well positioned to continue to grow.”
Ronald Perelman, chairman of Scientific Games, added: “I am so pleased to welcome Kevin to Scientific Games and that Gavin will continue with the company in his new role.
“With the company fully integrated, it is the right time to expand our leadership team so we can take full advantage of the new and growing opportunities open to a company with our global scale and broad expertise,” he said. “Kevin's intellect and experience will be an invaluable asset as we move forward as one company.”
Shares in Scientific Games Corporation (Co.Data) (NASDAQ:SGMS) closed in New York Thursday at $10.15 per share.