Bally Technologies, Inc. Announces Leadership Transition
15 November 2012 - 8:02AM
Business Wire
Bally Technologies, Inc. (NYSE: BYI)
Ramesh Srinivasan will become Bally
Technologies' President and Chief Executive Officer and Board
Member effective by December 31, 2012 (Photo: Business Wire)
- RAMESH SRINIVASAN PROMOTED TO
PRESIDENT AND CHIEF EXECUTIVE OFFICER
- RICHARD HADDRILL BECOMES CHAIRMAN OF
THE BOARD
- KEVIN VERNER TO BECOME LEAD
INDEPENDENT DIRECTOR
- COMPANY TO HOST CONFERENCE CALL
TODAY AT 4:30 P.M. EST
Bally Technologies, Inc. (NYSE: BYI), a leader in slots,
video machines, casino management, interactive applications, and
networked and server-based systems for the global gaming industry,
announced today that Ramesh Srinivasan will become President and
Chief Executive Officer and Board Member effective by December 31,
2012.
Current Chief Executive Officer Richard M. Haddrill will become
Chairman of the Board. Haddrill joined Bally as Chief Executive
Officer in 2004, after serving as Chief Executive Officer of two
successful public companies. Under his leadership Bally has doubled
revenues and increased the share price almost four fold.
Haddrill commented, “Ramesh and I have been great business
partners over the past 13 years across two companies and these
changes reflect the continued natural evolution of our roles and
responsibilities. We have built a deep group of leaders at Bally
and Ramesh has proven his ability to lead the team.”
Srinivasan joined Bally in 2005 as Executive Vice President of
Systems and was responsible for shaping Bally’s Systems business
into the industry leadership position. He was promoted to President
and Chief Operating Officer in March 2011, assuming leadership for
worldwide games, systems, and customer service. Under Srinivasan,
Bally has positioned itself well to capitalize on the convergence
of the games and systems businesses as well as emerging mobile and
iGaming platforms. Previously he was a senior executive at supply
chain software company, Manhattan Associates, Inc.
“I am honored to be the next President and Chief Executive
Officer of Bally at such an exciting time in our Company’s 80-year
history,” Srinivasan said. “We are on a very good track for the
coming years. I am very enthusiastic about the many opportunities I
see to serve existing customers, expand our customer base, continue
to provide growth opportunities for our people and increase
shareholder value.”
Kevin Verner, current Chairman, said, “The Board of Directors is
very pleased with the direction of the Company and our succession
planning process. We value the strong executive team at Bally and
the close working relationship between Ramesh and Dick, which we
expect to continue.”
The Company is hosting a conference call and webcast today at
4:30 p.m. EST (1:30 p.m. PST). The conference call dial-in number
is 877-261-8990 or 847-619-6441 (International); passcode “Bally.”
The webcast can be accessed by visiting BallyTech.com and selecting
“Investor Relations.” Interested parties should initiate the call
and webcast process at least five minutes prior to the beginning of
the presentation. For those who miss this event, an archived
version will be available at BallyTech.com until December 14,
2012.
About Bally Technologies,
Inc.
With a history dating back to 1932, Las Vegas-based Bally
Technologies designs, manufactures, operates, and distributes
advanced gaming devices, systems and technology solutions
worldwide. Bally’s product line includes reel-spinning slot
machines, video slots, wide-area progressives, interactive and
mobile applications, and Class II, lottery, and
central-determination games and platforms. Bally also offers an
array of casino management, slot accounting, bonusing, cashless and
table management solutions. For more information, please contact
Laura Olson-Reyes, Senior Director, Marketing & Corporate
Communications, at 702-584-7742, or visit http://www.ballytech.com.
Connect with Bally on Facebook, Twitter, YouTube and LinkedIn.
This news release may contain “forward-looking” statements
within the meaning of the Securities Act of 1933, as amended, and
is subject to the safe harbor created thereby. Such information
involves important risks and uncertainties that could significantly
affect the results in the future and, accordingly, such results may
differ from those expressed in any forward-looking statements.
Future operating results may be adversely affected as a result of a
number of risks that are detailed from time to time in the
Company’s filings with the Securities and Exchange Commission. The
Company undertakes no obligation to update the information in this
press release and represents that the information is only valid as
of today’s date.
– BALLY TECHNOLOGIES, INC. –
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