Las Vegas-based Everi Holdings Wednesday announced that CEO and chairman of the board Michael D. Rumbolz will be appointed executive chairman of the board on April 1, 2022. He will be replaced as CEO by current Chief Operating Officer Randy Taylor, also on April 1, 2022.
“Under Mike’s leadership the company’s market capitalization has increased from $168 million at the time of his appointment as Interim President and CEO in February 2016 to approximately $2 billion today,” said Everi Lead Independent Director Ronald Congemi in a statement. “The company’s appreciation in market value, the significant growth we have achieved across our business and the culture of collaboration and innovation that exists at Everi today all directly reflect Mike’s leadership.”
Rumbolz’s roles at Everi include stints as Interim President, President, and CEO. Congemi said Rumbolz’s contributions include driving a teamwork-based corporate culture, and guiding Everi to a growth path based on continuous operational improvement. Rumbolz also is credited with leading Everi’s targeted internal and external investments that have improved the company’s earning power and free cash flow.
Taylor, according to Congemi, has “consistently assumed additional leadership and operations responsibilities” during his 10 years with Everi. Prior to joining the company, Taylor worked at various financial positions in the gaming industry with both operators and suppliers, and at Citadel Broadcasting Corporation.
“Randy knows Everi intimately and has played a critical role in shaping the company’s growth initiatives while also being a leading advocate for establishing the values and principles we stand for as a company,” Congemi said. “Randy is highly respected by all of our stakeholders, both in and outside the company, and the Board is highly confident he is ideally suited to become our next CEO to continue to advance and execute Everi’s growth strategy in the years ahead.”
Analyst David Katz of Jeffries Equity Research said in a written statement that the transition at Everi should not result in meaningful change.
“Our impression is that both executives will remain active with the company, which we expect should continue the strategic initiatives in place,” Katz wrote. “We believe the growth should continue in both the FinTech and Gaming sides of the business, both organically and through tuck-ins. We ultimately consider the continuity a positive for the stock, as opposed to the uncertainty inherent in leadership changes.”
Rege Behe is lead contributor to CDC Gaming. He can be reached at rbehe@cdcgaming.com. Please follow @RegeBehe_exPTR on Twitter.
