Aristocrat shares slide as CEO Hector Fernandez joins rival
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More news: Shares in Aristocrat Leisure lowered in early trading on the ASX after the poker machine giant's outgoing gaming CEO Hector Fernandez was confirmed as the future boss of Apollo Global Management's new digital, gaming and fintech business.
Aristocrat shares were dow 2.6% to $67.96 by 10:50am AEDT, having climbed more than 65% since January.
Outgoing Aristocrat gaming CEO Hector Fernandez joins Apollo Global
The news: Aristocrat Leisure's outgoing gaming chief executive Hector Fernandez has been appointed as the future CEO of Apollo Global Management's new digital, gaming and fintech enterprise.
The context: Fernandez, whose resignation from ASX-listed gambling group Aristocrat was announced yesterday, will start in his new role by the fourth quarter of 2025, following the expiry of a 12-month customary non-compete period.
The appointment follows Apollo's acquisitions of gaming companies IGT Gaming and Everi, which are expected to completed by the end of the third quarter of 2025.
The NYSE-listed asset manager said that integration planning for a combined enterprise of Apollo Funds, IGT Gaming and Everi is underway, with IGT's president of global gaming Nick Khin appointed as interim CEO until Fernandez joins the group.
What they said: "I couldn’t be more excited to be part of this journey with IGT Gaming and Everi," Fernandez said.
"I look forward to partnering with the very talented teams at both companies, as well as the Apollo team leading the transaction."
Apollo partner Daniel Cohen said: "As we look to position IGT Gaming and Everi as a premier, diversified customer-centric platform at the forefront of innovation in the gaming and fintech industries, Hector brings an impressive track record of successfully scaling operations and strengthening customer relationships while being a champion for strong values."
The source: Apollo media release
