Scientific Games Names Kennedy CEO; Weil Out

   By Everdeen Mason 
 

Gaming and lottery technology company Scientific Games Corp. (SGMS) named David Kennedy as its new chief executive, two months after the company said A. Lorne Weil would stay at the helm following the company's merger with WMS Industries Inc. (WMS).

The board also said it is separating the roles of chairman and CEO, and appointed Ronald O. Perelman as chairman.

The company didn't disclose the details of Mr. Weil's departure. Mr. Weil, who was 67 years old as of the company's April proxy statement, had served as chairman since 1991 and CEO from 1992 to 2008 before resuming the post in 2010.

Mr. Kennedy, 66, has held several board and executive positions within Scientific Games, including vice chairman since October 2009 and chief administrative officer from 2011 to 2012. He also serves as vice chairman of Revlon Inc. (REV) where he was CEO from September 2006 through May 2009.

In September, the company said Mr. Weil would retain his role as CEO of the combined Scientific Games and WMS. The company agreed in January to purchase the gaming machine maker for $1.5 billion.

Mr. Perelman is also chairman of Revlon.

Scientific Games sells instant-ticketing systems to lotteries as well as prepaid phone cards to telephone companies, while WMS makes gaming machines and interactive gaming content.

In November, the company reported a 4% increase in revenue on higher instant ticket and draw game retail sales in the U.S.

Shares closed Monday at $18.24 and were inactive premarket. The stock has more than doubled this year.

Write to Everdeen Mason at [e-mail]

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