Scientific Games Announces Retirement of Chief Financial Officer Scott Schweinfurth

Company Initiates Search for Successor; Schweinfurth to Remain with Company through Year-end Closing and Filing of Form 10-K

Names Michael Quartieri Vice President and Corporate Controller

Nov 16, 2015, 08:30 ET from Scientific Games Corporation

LAS VEGAS, Nov. 16, 2015 /PRNewswire/ -- Scientific Games Corporation (NASDAQ: SGMS) ("Scientific Games" or the "Company") today announced that Scott D. Schweinfurth, Executive Vice President, Chief Financial Officer and Corporate Secretary, will be retiring from the Company.  Mr. Schweinfurth will continue in his role through the Company's year-end financial audit and filing of its Form 10-K and the appointment of his successor; and he will work closely with Scientific Games management to ensure a smooth and successful transition of responsibilities. 

The Company has initiated a search process and retained Egon Zehnder, a leading executive search firm. The Company plans to consider both internal and external candidates to fill the CFO position.

The Company also announced that Michael Quartieri has joined Scientific Games as Vice President and Corporate Controller.  Mr. Quartieri most recently served nine years as Senior Vice President, Chief Accounting Officer, and Global Controller for Las Vegas Sands Corp. Previously, he had a 13-year tenure at Deloitte & Touche, rising to the position of Director of Audit and Assurance Services and specializing in gaming and hospitality clients.

Scientific Games President and Chief Executive Officer Gavin Isaacs said, "We welcome Mike to Scientific Games and to our finance and accounting team.  I am confident that his leadership, experience and wide range of capabilities will benefit our organization and all of our stakeholders as we grow and evolve our business."

Mr. Isaacs also commented on the retirement of Mr. Schweinfurth, "On behalf of the Board of Directors and everyone on the Scientific Games team, I want to thank Scott for his leadership and significant contributions to our company. We look forward to an orderly and seamless transition of his responsibilities. I've known Scott for many years and having worked so closely with him during the last 18 months, I will miss his good humor and friendship. We wish him and his family all the best as he embarks on a new chapter in his life." 

Mr. Schweinfurth said, "I am privileged to have been part of the Scientific Games team, working alongside many talented people across our global organization. I've thoroughly enjoyed my 20+ years in the gaming industry at Scientific Games, WMS and Bally, but now it's time for me to retire. With the talented and experienced team we've built as we integrated our companies, I am confident that it is the right time to transition the Company's financial leadership. I look forward to enjoying my retirement and spending more time with my family and friends."

About Scientific Games Scientific Games Corporation (NASDAQ: SGMS) is a leading developer of technology-based products and services and associated content for worldwide gaming, lottery and interactive markets. The Company's portfolio includes gaming machines, game content and systems; table games products and utilities; instant and draw-based lottery games; server-based lottery and gaming systems; sports betting technology; loyalty and rewards programs; and interactive content and services. For more information, please visit www.scientificgames.com.

Company Contacts: Investor Relations: Scientific Games:  Bill Pfund +1 702-532-7663 Vice President, Investor Relations bill.pfund@scientificgames.com

Media Relations: Scientific Games:  Mollie Cole +1 773-961-1194 Director, Corporate Communications mollie.cole@scientificgames.com

Forward-Looking Statements In this press release, Scientific Games makes "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements describe future expectations, plans, results or strategies and can often be identified by the use of terminology such as "may," "will," "estimate," "intend," "plan," "continue," "believe," "expect," "anticipate," "target," "should," "could," "potential," "opportunity," "goal," or similar terminology. These statements are based upon management's current expectations, assumptions and estimates and are not guarantees of timing, future results or performance. Actual results may differ materially from those contemplated in these statements due to a variety of risks and uncertainties and other factors, including, among other things: competition; U.S. and international economic and industry conditions, including declines in or slow growth of lottery retail sales or gross gaming revenues, reductions in or constraints on capital spending by gaming or lottery operators and bankruptcies of, or credit risk relating to, customers; limited growth from new gaming jurisdictions, slow addition of casinos in existing jurisdictions and declines in the replacement cycle of existing gaming machines; ownership changes and consolidation in the casino industry; opposition to legalized gaming or the expansion thereof; ability to adapt to, and offer products that keep pace with, evolving technology; ability to develop successful gaming concepts and content; laws and government regulations, including those relating to gaming licenses and environmental laws; inability to identify and capitalize on trends and changes in the gaming and lottery industries, including the expansion of interactive gaming; dependence upon key providers in our social gaming business; retention and renewal of existing contracts or entry into new or revised contracts; level of our indebtedness, higher interest rates, availability and adequacy of cash flows and liquidity to satisfy obligations or future needs, and restrictions and covenants in our debt agreements; protection of our intellectual property, ability to license third party intellectual property, and the intellectual property rights of others; security and integrity of our software and systems and reliance on or failures in our information technology systems; natural events that disrupt our operations or those of our customers, suppliers or regulators; inability to benefit from, and risks associated with, strategic equity investments and relationships, including (i) the inability of our joint venture to meet the net income targets or otherwise to realize the anticipated benefits under its private management agreement with the Illinois lottery (or in connection with any termination thereof), (ii) the inability of our joint venture to meet the net income targets or other requirements under its agreement to provide marketing and sales services to the New Jersey lottery or otherwise to realize the anticipated benefits under such agreement and (iii) failure to realize the anticipated benefits related to the award to our consortium of an instant lottery game concession in Greece; failure to achieve the intended benefits of the Bally acquisition or the WMS acquisition, including due to the inability to successfully integrate such acquisitions or realize synergies in the anticipated amounts or within the contemplated timeframes or cost expectations, or at all; litigation relating to the Bally acquisition; disruption of our current plans and operations in connection with the Bally acquisition and the WMS acquisition (including in connection with the integration of Bally and WMS), including departure of key personnel or inability to recruit additional qualified personnel or maintain relationships with customers, suppliers or other third parties; costs, charges and expenses relating to the Bally acquisition and the WMS acquisition; inability to complete or successfully integrate future acquisitions; incurrence of restructuring costs, revenue recognition standards and impairment or asset write-down charges; fluctuations in our results due to seasonality and other factors; dependence on suppliers and manufacturers; risks relating to foreign operations, including fluctuations in foreign currency exchange rates and restrictions on the payment of dividends from earnings, restrictions on the import of products and financial instability, including the potential impact to our instant lottery game concession or VLT lease arrangements resulting from the recent economic and political conditions in Greece; dependence on our key employees; litigation and other liabilities relating to our business, including risks relating to product defects or  other claims relating to products; influence of certain stockholders; and stock price volatility.

Additional information regarding risks, uncertainties and other factors that could cause actual results to differ materially from those contemplated in forward-looking statements is included from time to time in our filings with the SEC, including the Company's current reports on Form 8-K, quarterly reports on Form 10-Q and its latest annual report on Form 10-K filed with the SEC on March 17, 2015 (including under the headings "Forward Looking Statements" and "Risk Factors").  Forward-looking statements speak only as of the date they are made and, except for Scientific Games' ongoing obligations under the U.S. federal securities laws, Scientific Games undertakes no obligation to publicly update any forward-looking statements whether as a result of new information, future events or otherwise.

 

 

SOURCE Scientific Games Corporation



RELATED LINKS

http://www.scientificgames.com