Light & Wonder (L&W) has declared the addition of Michael Maretti to its governing body.
The company revealed on Monday that Maretti will join the board, commencing on January 15th. He will aim for re-election at the firm’s yearly shareholder gathering.
Maretti has held positions at Electronic Arts and Buffalo Studios, and has served as a director of SciPlay since 2019. L&W finalized the purchase of the remaining shares of SciPlay in October 2023, gaining a 17% ownership for over $420 million.
Jamie Odell, Executive Chairman of L&W, stated: “We are thrilled to welcome Michael to the Light & Wonder board as a new independent director.
“Michael brings a wealth of mobile gaming experience and a strong financial background, which will assist us in continuing to generate maximum value for our investors.”
Maretti remarked: “I am enthusiastic to join the Light & Wonder board at this juncture. Light & Wonder is in a robust operational position, and I anticipate collaborating with my colleagues to utilize my experience and passion for the business to create value for the investors of this exceptional company.”
Light & Wonder: Third-quarter growth fueled by record SciPlay performance
L&W’s record third-quarter outcomes were largely driven by SciPlay’s ongoing robust growth.
Light & Wonder’s third-quarter earnings soared by 128% to $731 million, propelled by exceptional performance from its SciPlay and online gambling divisions.
SciPlay’s revenue climbed by 14.6% to a record $196 million, while online gambling revenue surged by 20.7% to a new peak of $70 million.
Decreasing operational expenses and increased income led to a net profit of $75 million. Adjusted earnings before interest, taxes, depreciation, and amortization for the third quarter climbed by 21.7% to $286 million.
Marchetti’s appointment is one of the recent changes at Light & Wonder.
Marchetti’s appointment follows Oliver Chow’s designation as L&W’s temporary chief financial officer, a position he assumed in December.
Chow assumed the role in August 2023 after Connie James departed to pursue other ventures.
Chow’s official appointment also elevates him to an executive vice president at L&W. He joined the company in October 2022 after a five-year tenure at Aristocrat.
Chow held financial positions earlier in his career at companies including Universal Studios, Deluxe Entertainment Services, and JPMorgan Chase.
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