Scientific Games brings in Tim Throsby to strengthen board of directors

29th September 2020 7:56 am GMT
Scientific Games

New York-listed lottery and gaming supplier Scientific Games has appointed former Barclays Bank chief executive Tim Throsby as an independent director.

Throsby’s appointment brings decades of executive financial leadership and business development experience to Scientific Games’ board of directors, and follows the recent agreement with gaming investment firm Caledonia to acquire a 34.9 per cent stake in the company.

As part of the transaction, Scientific Games agreed to implement a series of governance changes, including the appointment of former Aristocrat CEO Jamie Odell as executive chair of the board and former Aristocrat chief financial officer Toni Korsanos as executive vice chair, alongside a commitment to appoint new independent directors.

Throsby is credited with doubling the return on tangible equity at Barclays during his time as chief executive, prior to which he served as president of Barclays International and global head of equities and managing director of JP Morgan.

He also currently serves as a non-executive director of solar systems provider Lumos Global and Silver Creek Pharmaceuticals.

“We are delighted to have a financial leader of Tim's caliber join our Board,” said Jamie Odell, executive chair of Scientific Games. “Tim brings extraordinary financial and operational leadership experience. I'm confident Scientific Games will greatly benefit from his expertise as we continue to execute on our strategy to drive growth across our business and unlock value for our stakeholders.

“With Tim's appointment and our recent governance enhancements, Scientific Games is moving forward from a position of strength with a refreshed, independent Board. We are focused on optimizing our portfolio, deleveraging our business, and capitalizing on the dynamic growth across our industry as key markets continue to reopen.”

Throsby said of his new role: “Scientific Games has a strong team and compelling opportunity to capture substantial market opportunity in the expanding digital gaming and sports betting ecosystem. I look forward to working closely with Jamie, CEO Barry Cottle, the Board and management team during this important time in the Company's evolution and supporting its efforts to deliver sustainable growth and shareholder value.”

Throsby assumes his new role on October 1.

Shares in Scientific Games Corp. (NSQ:SGMS) closed 3.59 per cent higher at $36.69 per share in New York Monday.

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