On the eve of the July Fourth holiday, game-maker Light & Wonder announced that Chief Financial Officer Connie James was stepping down “to pursue another opportunity that will allow her to advance her long-term professional objectives outside the gaming industry.” Her resignation becomes effective August 25.
Senior Vice President of Corporate Finance Oliver Chow takes over as the acting CFO while the company searches for a full-time successor. To replace James, an unnamed search firm has been retained to examine candidates, both inside the company and out.
“Connie has played a key role in advancing Light & Wonder’s cultural and financial transformation, which has led to double-digit growth and a strengthened balance sheet. She also helped build a finance team that will provide a smooth transition to the next chapter of financial leadership within the company,” said CEO Matt Wilson in a statement.
Chow is no stranger to the CFO’s chair, having served in that role during his five-year tenure with Aristocrat Americas.
“With more than 15 years of entertainment and gaming leadership experience and financial expertise, we are confident that Oliver is well-positioned to support the continued execution of our financial priorities while the Board conducts its search,” Wilson said.
Commenting on the transition, Truist Securities analyst Barry Jonas reiterated his long-range EBITDA target and “Buy” rating on LNW shares, which are trading at $65.75 per share. Jonas’s price target is $72 per share.
Jonas confessed to being “somewhat surprised” by James’s impending departure, saying that she “offered strong financial leadership during the company’s recent transition.” He added that she would participate in the second-quarter earnings call, slated for August, and that Light & Wonder said it was looking forward to that occasion, which he thought portended well.
“There are no disagreements between Ms. James and LNW,” chronicled Jonas, who noted that she would also be leaving vacant her roles as corporate secretary and treasurer. Her history with the company dates back to January 2020, initially as CFO of Light & Wonder’s gaming-business unit. She was promoted to her triple duty in October of the following year.
James was recruited to Light & Wonder from Cargill, having also served 10 years at Aristocrat Leisure in a variety of executive capacities, including CFO of Aristocrat Americas.
