In the wake of a billion-dollar acquisition in October, lottery provider Scientific Games has retired A. Lorne Weil, its chairman and chief executive officer, and replaced him with board member David Kennedy. The new CEO is also the company’s largest shareholder. Splitting the chairman and CEO roles, the company has appointed board member and investor Ronald Perelman as chairman.
Some analysts said Weil was not ousted but already planned to leave the New York-based company. But the timing was still surprising. The change of command came less than a month after Scientific Games completed the $1.5 billion buyout of WMS Industries, the world’s third-largest manufacturer of slot machines. And Wells Fargo analyst Barry Jonas referred to Weil’s “rash departure,” suggesting the former CEO was not considered the one who could lead the company in a new direction.
Weil had been chairman of the company since 1991. He served as CEO from 1992 to 2008, then returned as CEO in late 2010.
Kennedy has served as vice chairman of the board and a member of its executive and finance committee since October 2009 and was an executive from November 2010 until March 2012. Previously, he was president of MacAndrews & Forbes Holdings Inc. and president and chief executive officer of Revlon.