IGT Appoints Philip Satre as New Chairman16th October 2009 7:46 am GMT
International Game Technology has appointed Philip G. Satre as its new Chairman of its Board of Directors effective December 1st, after current Chairman Thomas J Matthews decided to step down from his role after five years in charge.
Mr Satre has served on IGT's board of directors since January 2009 and also serves as Chairman of Nevada Energy Inc, as well as a board member of Nordstrom Inc, Rite Aid Corporation, Stanford University and the National World War II Museum.
Before joining IGT, Mr Satre retired from Harrah's Entertainment in 2005, having served on the company's board of directors since 1988 and as Chairman since 1997. Between 1980 and 1997, Mr. Satre held various management positions at Harrah's, including CEO of Harrah's Entertainment, President and CEO of Harrah's Gaming Division, and Vice President, General Counsel and Secretary.
"I am very excited about the opportunity to help lead a great company into the future," said Satre. "Despite the challenges facing our industry today, I am very optimistic about the future of gaming and the Company's future. I look forward to working with my Board colleagues and with Patti Hart and her senior team to lead the Company into the future.
Patti Hart, IGT President and CEO said: "Phil Satre brings a tremendous wealth of gaming industry experience and, most importantly, a customer's perspective to his new position which will benefit IGT now and for many years to come.
"I have been very impressed with Phil's contributions since he joined IGT's board earlier this year and I look forward to working with him as we move forward to accomplish the Company's goals and objectives. In addition, I am pleased that Mr. Matthews will continue to serve on the IGT board. We are fortunate to have the combined experience and knowledge of both Phil Satre and TJ Matthews."
Having completed a review of several of its strategic investments and partnerships, IGT confirmed earlier this week that it would record non-cash charges of approximately $77 million, or $0.26 per diluted share, for the fourth quarter of 2009.
This includes non-cash charges of $78 million, reflecting a reduction in the carrying value of its investment in Walker Digital Gaming, and approximately $13 million related to its investment in Las Vegas Gaming International.
In addition, IGT said it will record additional tax provisions of $15 million related to the establishment of a valuation allowance against foreign deferred tax assets which will not likely be realised. IGT said it does not expect these charges to impact the company's continuing compliance with debt covenants.
The company will report its fourth quarter earnings on November 5th 2009.
Shares in International Game Technology (Co. Profile) (NYSE:IGT) will commence trading at $21.98 per share in New York later today.