Scientific Games’ board member David Kennedy will quit the company’s Board of Directors effective December 31, 2019. The company has said that Mr. Kennedy is quitting because of personal and familiar reasons.
In a filing with the SEC, the US-based gaming equipment manufacturer said: “On December 3, 2019, after more than ten years of dedicated service on both Scientific Games Corp board of directors and in executive roles, as well as decades of service to MacAndrews & Forbes Inc and its portfolio companies, Mr David L. Kennedy advised the company that he will resign from the board effective December 31, 2019, for personal and family reasons.”
“The company deeply appreciates his service and commitment and wishes him well.”
Mr. Kennedy has served Scientific Games for over 10 years. He was appointed a member of the Board back in 2009. He also held the Vice Chairman’s office from 2009 to 2016.
Earlier in the year in May, in a major appointment, Scientific Games took in Jamie Odell, the former CEO at Aristocrat Leisure, in an advisory role.
Odell has been tasked with helping the company’s CEO Barry Cottle in devising new strategies and also advise him on the current growth strategies in place.
Surging Profits, Forging Partnerships
For Scientific Games, 2019 has been good so far. The latest quarterly report from the company reveals a 4 percent year-on-year increase in revenue to $855m for the three months to September 30.
The company posted growth across all segments. While its net income for the quarter was 18 million, it had posted a $352m loss for the same period the previous year.
Scientific Games has been forging partnerships and looking to expand in newly-regulated markets. In October, the gaming equipment and software provider inked a deal to offer instant lottery services in Brazil. For providing lottery services in the Latin American country, Scientific Games has partnered with UK-based IGT. The two companies have a 50-50 joint venture over the next 15 years.