x

Posted 31 August, 2022

Light & Wonder, Inc. appointed Matt Wilson as new CEO

Nasdaq:LNW appointed new Chief Executive Officer Matt Wilson in a 8-K filed on 31 August, 2022.


  Effective as of the Transition Date, the Board has appointed Matt Wilson, Executive Vice President and Group Chief Executive of Gaming, to the additional role of interim President and Chief Executive Officer.  

Don't how to trade CEO change? Read Reasons for CEO Turnover and Effect on Stock Performance.
Overview of Light & Wonder, Inc.
Leisure/Arts/Hospitality • Gambling Industries
Light & Wonder, Inc. is a cross-platform global games company, which engages in the development of content and digital markets. It operates through the following segments: Gaming, SciPlay, and iGaming. The Gaming segment includes the design, manufacture, marketing, and distribution of portfolio of gaming products and services. The SciPlay segment involves the development and publishing of digital games on mobile and web platforms. The iGaming segment focuses on the provision of digital gaming content, distribution platforms, player account management systems, and services. The company was founded on July 2, 1984 and is headquartered in Las Vegas, NV.
Market Cap
$9.16B
View Company Details
Light & Wonder, Inc. by TradingView
Relevant filing section
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.


Departure of President and Chief Executive Officer and Appointment of President and Interim Chief Executive Officer


Mr. Cottle has informed the Board of Directors (the "Board") of Light & Wonder, Inc. (the "Company") that he will resign as President and Chief Executive Officer and as a member of the Board, in each case, effective as of August 30, 2022 (the "Transition Date"). Effective as of the Transition Date, the Board has appointed Matt Wilson, Executive Vice President and Group Chief Executive of Gaming, to the additional role of interim President and Chief Executive Officer. The Board has commenced a search process to identify a permanent President and Chief Executive Officer and has engaged a leading national executive search firm. The search will include both internal and external candidates. In connection with his departure, Mr. Cottle has committed to supporting a seamless transition as a consultant.


Mr. Wilson, age 41, has served as Executive Vice President and Group Chief Executive of Gaming since March 2020. Mr. Wilson has over sixteen years of gaming industry experience. Prior to his role at the Company, he was President and Managing Director of the Americas at Aristocrat from February 2017 until August 2019. Mr. Wilson began his tenure at Aristocrat 2004 and held several significant positions in a variety of Aristocrat's markets during his time there, including serving as Senior Vice President of Global Gaming Operations and Senior Vice President of Sales and Marketing, Americas. He holds a Bachelor of Commerce from the University of Wollongong and completed the Advanced Management Program at Wharton Business School.


The consulting services to be provided by Mr. Cottle are set forth in an Agreement and General Release entered into between the Company and Mr. Cottle. Such services generally consist of transition-related consulting and assistance and providing advice on business matters relating to the Company and will extend through the second anniversary of the Transition Date. The Company will pay Mr. Cottle an annual consulting fee of $1.2 million. The consulting fee will be repayable in full if Mr. Cottle violates any of his restrictive covenants entered into with the Company.


In connection with Mr. Wilson's appointment, the Company and Mr. Wilson are currently negotiating the terms of his compensation as interim President and Chief Executive Officer.