IGT names new finance chief and rejigs board of directors

New York-listed supplier International Game Technology (IGT) has appointed Massimiliano Chiara as executive vice president and chief financial officer.

Chiara will take up his new role on 6 April and joins IGT from London-based capital goods company CNH Industrial, where he most recently served as CFO and chief sustainability officer.

Prior to CNH Industrial he held the position of vice president of finance at car manufacturer Fiat Chrysler, and was director of financial operations at Italian iron and castings specialist Teksid Aluminum. He succeeds Alberto Fornaro, who left the company at the end of January after more than eight years in the role.

“We are excited to have Max join the IGT team, both as a member of my senior leadership team and as a board member,” said IGT CEO Marco Sala. “His broad and deep background in all facets of global finance and operations, in addition to his high standards of excellence, will be tremendous assets to our organization.”

Commenting on his appointment Chiara said: “It is a great honor to be joining an iconic gaming industry leader. I look forward to working with IGT's strong leadership team and assisting the Company in achieving its strategic and financial goals.”

Chiara will join IGT's board of directors, which has been further strengthened by the appointment of Beatrice Bassey as an independent director.

Bassey is currently group general counsel, chief compliance officer, and corporate secretary at financial services company Atlas Mara, and serves on the boards of Union Bank of Nigeria, African Banking Corporation of Botswana, and Banque Populaire du Rwanda.

“Beatrice's extensive experience in the highly dynamic and regulated banking sector, in addition to her extensive international exposure, are valuable perspectives to add to IGT's board,” said IGT chairman Lorenzo Pellicioli.

Finally, IGT confirmed that Paget Alves will be retiring from the board and will not stand for election at IGT's upcoming annual general meeting. Alves has been a director of IGT and its predecessor companies for over a decade, and most recently served on both the Audit Committee and Compensation Committee.

“Paget has been instrumental in supporting IGT and the board during many chapters of the company's history. We would like to thank Paget for his many years of service to IGT,” added Pellicioli.

Shares in International Game Technology plc (NSQ:IGT) closed up 10.19 per cent at $4.54 per share in New York Friday.