Alberto Fornaro has left his position as CFO of International Game Technology (IGT) to join Coupang. Coupang is one of the largest e-commerce platforms in South Korea and one of the fastest-growing Internet companies on the planet.
In a statement provided by Fornaro earlier this week, he explained that “It has been a great honor to serve as IGT CFO and to participate in the company’s success during the last eight years. With the recent completion of important refinancing activity and a strong finance organization in place, it is the right time for me to move on to a new challenge.”
In moving to Coupang, Fornaro brings a great deal of experience in building businesses that cater to international customers and services. He has served as a CFO or senior financial executive for the last 25 years, including serving as the CFO at IGT for the last eight years. He has served in positions across the globe, including in South Korea, the U.S. and Europe. In his eight years with the company, he helped to grow IGT into one of the largest gaming companies on the planet.
In speaking about his new position, Fornaro stated, “I am glad to join this innovative company. It’s an exciting time to be part of Coupang. The company is growing rapidly because it provides customers with an exceptional experience. Coupang’s ecommerce platform is making millions of items available for delivery within hours and launching new services like Dawn Delivery and Rocket Fresh to make life easier. I look forward to helping the company succeed.”
Coupang reported a total revenue for 2018 of $4.1 billion, a 65% increase over the previous year. They have become innovators in increasing delivery speed and now have offices located in Seoul, South Korea, three in the U.S. and two in China. The company appears to be on the fast track to becoming the Amazon of South Korea’s e-commerce market.
IGT is now in the market to find themselves a new CFO. In a statement provided by the company, they explained that they had hired a “leading executive search firm” to help assist in the search. They further added that they have “initiated a global search” to find their new CFO. Until the position is filled Senior Vice-President and Chief Accounting Officer Timothy Rishton will serve as the interim CFO.
