Scientific Games board member David Kennedy, who served as the gaming equipment company’s CEO during a transition period, will resign his position at the end of the year.
In a three-sentence filing with the Securities and Exchange Commission Friday afternoon, the company said Kennedy was leaving for “personal and family reasons.”
Kennedy has been one of the closest advisors to Scientific Games Chairman Ronald Perelman, the New York-based financier who controls nearly 40% of the Las Vegas-based company through his MacAndrews & Forbes investment arm.
Kennedy, who has been a director of Scientific Games since 2009, served as CEO of the company from November 2013 to June 2014 on a temporary basis after the company acquired slot machine developer WMS Industries and through the purchase $5.1 billion purchase of Bally Technologies.
He was replaced by gaming industry veteran Gavin Isaacs, who left the post two years later.
Kennedy also served as Scientific Games’ chief administrative officer from 2011 to 2012.
During his 45-year business career, Kennedy held senior executive and board positions with Revlon going back to 2006, where Perelman is also chairman, and the Coca-Cola Company.
In 2016, he retired as the senior executive vice president of MacAndrews & Forbes. He also recently retired from the boards of Revlon and Revlon Consumer Products Corp.
“The company deeply appreciates his service and commitment and wishes him well,” Scientific Games said in the SEC filing.
Scientific Games recently refinanced $1.2 billion of the company’s long-term debt, a move that followed a third quarter earnings announcement in which the company impressed the investment community. Scientific Games reported increased revenues 4% and $18 million of net income, reversing a net loss from a year ago.
The day earnings were announced, Scientific Games’ shares closed at a 52-week high of $31.63. On Friday, the stock price closed at $27.63 on the Nasdaq, up 93 cents or 3.48%.
Howard Stutz is the executive editor of CDC Gaming. He can be reached at hstutz@cdcgamingreports.com. Follow @howardstutz on Twitter.
