Former vice-chairman of Deluxe Entertainment to become CEO of Scientific Games
Scientific Games has promoted Barry Cottle to the position of company chief executive and president amid a series of management changes.
Cottle had been filling the role as chief executive of the firm’s SG Interactive division but will take on the new position and replace Kevin Sheehan, who will remain with the company as a senior advisor.
“Across all our business units and platforms, we are relentless in our efforts to drive greater efficiency and adaptability to take advantage of new and growing markets,” Cottle said.
“Scientific Games' expertise and passion for innovation is an invaluable asset, as we continue to build cutting-edge technology to enhance the player experience for both retail and digital platforms.”
Before joining Scientific, Cottle was vice-chairman of Deluxe Entertainment and has experience in leadership roles with Zynga, Electronic Arts, The Walt Disney Company and Palm Computing.
Sheehan added: “I’m proud of what we have accomplished over the past two years; our company is stronger than ever and growing across all our divisions.
Elsewhere, Tim Bucher, who was previously senior vice-president and general manager of the Consumer Solutions Group at Seagate Technology, has been named executive vice-president and chief product officer across all Scientific business divisions.
Bucher is a Silicon Valley veteran who has formed a number of companies that have either been taken public or acquired by the likes of Apple, Microsoft, Dell, and Seagate over the last 30 years.
Meanwhile, Scientific has announced its unaudited results for the three months to March 31, during which revenue increased but net loss more than doubled.
Reflecting on the results, Sheehan said: “Our first quarter results reflect our strength as a global diversified gaming technology provider.
“Our results reflect the significant success our team achieved during the quarter such as the inclusion of NYX and our refinancing, as well as the underlying robust business fundamentals, such as the 30% increase in gaming machine replacement sales.
“With improving momentum across all our businesses, we are excited by the prospects and opportunities to smartly grow our revenue and AEBITDA during the remainder of 2018 and beyond.”
Revenue came in at $811.8m (€676.8m), up from $725.4m in the same period last year.
However, operating income slipped from $88m to $49.4m and net loss jumped from $100.8m to $201.8, with comprehensive loss also rising from $64.7m to $149.7m.
Basic and diluted loss per share also widened from $1.14 to $2.24m.