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Light & Wonder seeks new CEO as Barry Cottle steps down

31st August 2022 11:17 am GMT
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New York-listed gaming supplier Light & Wonder is looking for a new chief executive after confirming the departure of Barry Cottle as president and CEO.

Cottle has served as CEO of Light & Wonder (formerly Scientific Games) since June 2018, with the company announcing Tuesday that he has now stepped down as president and CEO.

He will remain as a consultant to support a seamless transition, with Light & Wonder executive vice president and group chief executive of gaming Matt Wilson named interim CEO.

“As we enter the next chapter of our growth journey as the leading cross-platform global game company, we are confident that now is the right time to make this leadership transition,” said Light & Wonder executive chair Jamie Odell. “Our executive vice chair, Toni Korsanos, and I have worked closely with Matt for over 10 years, including most recently as he has successfully worked to turn around and reposition Light & Wonder’s Gaming business for long-term growth.

"We are confident that his strategic insights, deep industry knowledge, rich experience and impressive track record make him the ideal person to serve as interim CEO during this transition period.”

Commenting on his appointment, Wilson said: “I am honoured to take on the role of interim CEO during this exciting time for our company. With a streamlined organisation, sharpened strategic focus and strengthened balance sheet, we are now better positioned than ever to capitalise on the incredible opportunities ahead for the business.

"I look forward to working closely with the rest of the leadership team in this new capacity as we continue to accelerate our progress as a sustainable growth company.”

Light & Wonder's board has commenced a search process to identify a permanent CEO, which will include both internal and external candidates.

“We thank Barry for all of his contributions to the fundamental reshaping of the company that has positioned it for continued success," continued Odell. "With our transformed balance sheet, continued strong business momentum and great progress executing on our capital allocation priorities, we see a tremendous opportunity to drive shareholder value.

"We look forward to working closely with Matt and the rest of the management team as we continue to execute on our strategic roadmap and deliver on our growth targets.”

Shares in Light & Wonder Inc (NASDAQ:LNW) closed 2.29 per cent lower at $50.67 per share in New York Tuesday.

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