Former Novomatic executive Lawrence Levy officially became the new CEO of Ainsworth Game Technology (AGT) on July 1, taking over for Danny Gladstone, who had served in the position for quite some time.
Levy was named to the position back in early April. He had proven himself to be the ideal candidate, spending 37 years in the gambling industry, most recently as VP of global sales at Novomatic.
In his previous position, the new CEO had been instrumental in developing strategies that helped turn Novomatic into one of the most innovative companies on the planet for the development of gambling technology. When it was announced that Gladstone would be stepping down on June 30, it seemed that Levy would be the perfect fit to replace him.
The experience is not the only reason why Levy seems like the ideal fit. It was just 18 months ago when Novomatic completed the acquisition of 52% of the controlling shares at Ainsworth, as they looked to broaden the international reach of both companies. Naming Levy to fill the CEO position allows the two companies to further integrate, giving them an even greater chance for reaching their goals.
“We are pleased to welcome Lawrence to his new role as CEO,” said Ainsworth Chairman Graeme Campbell. “Under his leadership, we look forward to Ainsworth strengthening its position as a major provider of innovative gaming technology to the global market.”
Levy is going to have his work cut out for him right away. The Australian gambling market is becoming incredibly competitive, which recently led to a 47% drop in profit after tax for Ainsworth in the second half of 2018.
However, AGT has been undeterred. They recently launched the first online gambling casino using BroBet technology, reaching an agreement with Logrand to partner on the site.
Now they hope that their new CEO will change the fortunes at AGT. “I am confident that he will further assist the company to achieve its strategies to become a leading provider of innovative gaming technology to the global market,” explained company chairman Graeme Campbell at the time that Levy was named the new CEO of the company.
There is plenty of incentive for him to improve his new company. He receives an annual salary of $700,000 but can reach as much as $1 million per year by reaching performance bonuses. While this added incentive is not necessary for a professional like Levy to turn AGT into an even bigger success story, it sure couldn’t hurt.