There isn’t much that could be considered positive about the coronavirus, but perhaps there is a way to see a silver lining in the ominously dark cloud. As COVID-19 is forcing virtually the entire world to step on the breaks, it is also giving companies an opportunity to dedicate time and resources to the exploration of its internal operations and to determine if any changes are needed. International Game Technology (IGT), a global supplier of equipment and tech for the gaming industry, is taking advantage of the situation to do just that, and has made an announcement about some movement at the top of the corporate ladder.
IGT released a statement yesterday, explaining that it has picked up a new executive VP and chief financial officer. Massimiliano (Max) Chiara will be joining the company starting April 6, making the shift from CNH Industrial NV, a global holding company. He has also served as a consultant for PricewaterhouseCoopers Advisory and has held roles with Fiat Chrysler Automobiles NV.
IGT CEO Marco Sala is confident that Chiara’s experience and knowledge will be valuable assets to the company, and is looking forward to bringing him into the group. He explained in the announcement, “We are excited to have Max join the IGT team, both as a member of my senior leadership team and as a board member. His broad and deep background in all facets of global finance and operations, in addition to his high standards of excellence, will be tremendous assets to our organization.”
Chiara’s appointment isn’t the only change the company is making. It also announced that Beatrice H. Bassey was appointed by the board of directors to be an independent director, a role she assumed on March 20. Bassey currently works for Atlas Mara Ltd., a financial services group based out of Africa, as its Group General Counsel, Chief Compliance Officer and Corporate Secretary, and also sits on the boards of Union Bank of Nigeria PLC, African Banking Corporation of Botswana Ltd., and Banque Populaire du Rwanda.
While one comes in, another goes out. Paget Alves, who has been on the board for more than ten years, has announced that he is retiring. IGT Chairman Lorenzo Pelliciolo said of Alves, who served on IGT’s Audit and Compensation committees, “Paget has been instrumental in supporting IGT and the board during many chapters of the Company’s history. We would like to thank Paget for his many years of service to IGT.”
IGT has been on a rebound lately, cutting its losses from 2018 to 2019. However, just like everyone else, it is feeling the sting from the coronavirus and is going to have to prepare for the worst. As the entire global gaming industry is currently on life support, revenue for all entities in the space is going to take a serious hit this year.
