The chairman of gaming equipment developer Everi Holdings will retire in May and be succeeded by current CEO Mike Rumbolz, the Las Vegas-based company said Tuesday.
Miles Kilburn, who has been a member of the company’s board since 2005 and chairman since 2008, said in a statement the company “has strong business momentum and its financial recovery from the impact of the COVID-19 pandemic is well underway with significant opportunities for growth ahead of it.”
Rumbolz, who has been Everi’s CEO since 2016, has been a member of the company’s board since 2010. He will hold both the chairmanship and CEO positions. Last March, Rumbolz agreed to extend his contract through March 2022 to focus on Everi’s long-term growth initiatives.
“I believe Everi is in the early innings of our growth trajectory, and I look forward to being a part of that continuing journey,” Rumbolz said in a statement.
During his time as chairman, Kilburn led the company’s emergence in gaming equipment, systems and products; financial technology; and player loyalty programs. Everi completed 11 company acquisitions and also grew organically during Kilburn’s time as chairman.
Everi’s most significant merger was the $1.2 billion purchase of slot machine developer Multimedia Games in 2014.
“With my business interests expanding and taking more of my time, and continuity of the company’s stewardship in place, it’s a fitting time to retire and provide an opportunity for someone to bring new insights to the board,” Kilburn said.
Rumbolz has had a long history in the gaming industry, including serving as a member and chairman of the Nevada Gaming Control Board from 1985 to 1988. He was previously vice chairman of Casino Data Systems, CEO of Anchor Gaming, director of development for Circus Circus Enterprises, and president of Casino Windsor at the time of its construction and opening in Windsor, Ontario.
Rumbolz is currently a board member for Seminole Hard Rock Entertainment and VICI Properties.
“I’ve had a deep and ongoing commitment to the success of Everi,” Rumbolz said. “Over the last several years, we’ve established a deep bench of experienced and talented leadership and an employee workforce that is second-to-none in my opinion.”
Last March, Everi named Randy Taylor as president and chief operating officer in a move Kilburn said would “fortify” short-term and long-term strategic efforts.
“We believe a transition at chairman also signals conviction in the board’s ongoing CEO succession planning, and take comfort in Mr. Rumbolz maintaining a prominent role with the company even after ultimately stepping down as CEO,” Stifel gaming analyst Steven Wieczynski told investors in a research note late Tuesday.
“Given the tremendous job Mr. Rumbolz and Mr. Kilburn have done positioning the company as a leading growth story in the broader gaming tech sector, we maintain strong conviction in Everi’s growth trajectory even after this changing of the guard,” Wieczynski said.
Also Tuesday, Everi said Ronald Congemi, who has served as a board member since 2013, would become lead independent director. A long-time executive in the financial transaction industry, Congemi is a member of the Philadelphia Federal Reserve’s Payments Advisor Council and has served as a member of the board of Clearent LLC, a merchant processing company, and as a consultant to the Acxsys Corporation of Canada, the operating arm of the Interac debit network of Canada.
Shares of Everi, traded on the New York Stock Exchange, were unchanged Tuesday, closing at $14.72.
Howard Stutz is the executive editor of CDC Gaming. He can be reached at hstutz@cdcgaming.com. Follow @howardstutz on Twitter.
