Light & Wonder (L&W) declared on Monday that Michael Maretti has been added to the company’s board of directors.
Maretti, who previously held positions at Electronic Arts and Buffalo Studios, will join the L&W board on January 15th. He will then seek re-election at the company’s annual shareholder meeting.
Maretti has been a director of SciPlay since 2019. L&W completed the purchase of the remaining shares of SciPlay in October 2023. The company acquired a 17% stake for over $420 million (£329.8 million/€383.8 million).
Jamie Odell, Executive Chairman of L&W, stated: “We are thrilled to welcome Michael to the Light & Wonder board as a new independent director.
“Michael brings a wealth of mobile gaming experience and a solid financial background that will help us continue to generate maximum value for shareholders.”
Maretti said: “I am excited to join the Light & Wonder board at this time. Light & Wonder is in a strong position, and I look forward to collaborating with my colleagues to leverage my experience and passion for the business to create value for the shareholders of this great company.”
Light & Wonder: Third-quarter growth driven by record performance from SciPlay
L&W’s record third-quarter results were largely driven by SciPlay’s continued robust growth.
Light & Wonder’s third-quarter income increased significantly by 128% to $731 million, fueled by exceptional performance from its SciPlay and online gambling divisions.
SciPlay’s revenue climbed by 14.6% to a record-breaking $196 million, while online gambling revenue soared by 20.7% to a new peak of $70 million.
Net profit reached $75 million as a result of revenue growth and reduced operating expenses. Adjusted earnings before interest, taxes, depreciation, and amortization for the third quarter climbed by 21.7% to $286 million.
Marchetti’s appointment is among the recent changes at Light & Wonder.
Marchetti’s appointment follows the appointment of Oliver Chow as L&W’s temporary chief financial officer. He previously held the position.
Chow assumed the role in August 2023 after Connie James stepped down to pursue other endeavors.
Chow’s official appointment also makes him executive vice president of L&W. He joined the company in October 2022 after working for five years at Aristocrat.
Chow previously held financial positions at Universal Pictures, Deluxe Entertainment Services, and JPMorgan Chase earlier in his career.
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