Interim CEO Appointment Announced: Matt Wilson Takes Lead at Light and Wonder
Jumpin' Jimminy! Light & Wonder's on a Rollickin' Rebrand Roll
Ever since the mighty Scientific Games morphed into the spiffy, new Light & Wonder, they've been making headlines like a boss. Seems like the change in the big kahuna's seat is another feather in their cap, hinting at smooth sailing and a grand vision for growth that's bigger than Texas.
From One Boss to Another
Light & Wonder dropped a sparkling announcement on August 30, revealing Barry Cottle was stepping down as CEO. Stepping right in as the interim boss is Matt Wilson, Light & Wonder's executive veep and head honcho of gaming. Barry's still got a seat at the big table, though, and will lend his expertise as a consultant for the transition. This well-planned dance is all part of a glitzy succession shimmy.
Matt Wilson himself gushed he was "pumped" to take the reins during this exciting era for the company. Chairman of Light & Wonder Jamie Odell agrees, saying, "As we march into our next cosmic chapter as the leading cross-world game empire, we reckon this is the perfect moment for this switcheroo."
Hitting the Jackpot
Mr. Odell's cosmic chapter is mostly down to a fresh strategy and a shrewd financial plan, all thanks to Matt Wilson's dashing vision for the company. The year 2022 has been a whirlwind for Light & Wonder, kind of feels like the start of the second half just rolled around. Recent internal shifts made the grapevine buzz when it was revealed that Roxane Lukas is taking on the company's chief people wrangler role, aiming to boost performance and engagement. We've seen Steve Beason, the former CTO, return to the company as President of Digital, adding his brainpower to kickstart their expanding digital portfolio.
Labor is the lifeblood of progress, but it's the almighty dollar that tells the final tale. Light & Wonder certainly hasn't been skimping on that front, pulling in a stonkin' $610 million in revenue for Q2, which ended on June 30. This puts them within whiskers of their whopping $1.4 billion EBITDA goal for 2025 and slashes their debt by a whopping 50%, natch.
So, it seems the company's heading in the right direction, updating its bag of tricks as it goes. Maybe Mr. Odell's talk about "a tremendous chance to thrill shareholders" wasn't just hot air after all.
- In the interim, Matt Wilson, the executive vice president and head of gaming at Light & Wonder, has taken over as the company's acting CEO, following Barry Cottle's step down on August 30.
- Despite the change in leadership, Barry Cottle remains involved with the company, lending his expertise as a consultant during the transition period.
- Roxane Lukas, the new chief people wrangler at Light & Wonder, is aiming to boost performance and engagement within the company, a key part of its fresh strategy.
- With a Q2 revenue of $610 million and a debt reduction of 50%, Light & Wonder is moving towards its $1.4 billion EBITDA goal for 2025, suggesting a strong financial performance and a promising future for the business.
