Fernandez leaves Aristocrat to become the leader of IGT/Everi

 Hector Fernandez will take over as CEO of the combined company Apollo Global Management created by acquiring IGT's gaming division and Everi Holdings Inc. Hector Fernandez has quit his position as CEO of slot supplier Aristocrat Gaming.
 Fernandez Hector
 Apollo and Aristocrat both issued separate press releases with the news today, December 5.  Fernandez was hired, Apollo stated.  The aristocrat did not specify which competitor Fernandez was transferring to when he announced his retirement.

 IGT and Everi signed final agreements in July that called for a newly established holding company owned by funds managed by Apollo affiliates to concurrently purchase IGT's gaming and digital business and Everi, a slot and fintech startup.  The purchased businesses are valued at roughly $6.3 billion (£4.9 billion/€5.6 billion) in total, and the sale is entirely cash.

 At a special meeting earlier this month, Everi Holdings shareholders formally authorised the pending sale.  It is anticipated that the proposed deal will close by the end of 2025's third quarter.  Fernandez will serve as CEO of the merged company.

 According to Apollo's release, "Mr. Fernandez brings a clear track record of success across technology and gaming as well as deep strategic and financial expertise."  "After the transaction close, his broad experience both inside and outside the gaming industry should put him in a good position to lead and integrate two very complementary gaming platforms with an emphasis on growth, product innovation, and content creation."

 Aristocrat stated that Craig Toner, a gaming chief financial officer, has been selected the new CEO of Aristocrat. Toner will take Fernandez's post immediately.

 For almost seven years, Toner has been a member of Aristocrat.  Before that, he spent over 20 years working for the Australian alcohol and beverage company Lion.

 Trevor Croker, CEO of parent firm Aristocrat Leisure Limited, stated, "Craig will ensure a seamless leadership transition, maintaining a relentless customer focus and continuing to execute our plans."  "We acknowledge Hector's contribution to our business over the past six years and sincerely thank him for his dedication."

 In 2019, Fernandez became CFO of Aristocrat's Americas gaming division, and in 2022, he was promoted to CEO.  The business pointed out that a 12-month non-compete clause is one of his pertinent contractual duties.  It is expected to expire soon once the Apollo transaction is completed.

 Everi owners will get $14.25 in cash per share as part of the Apollo deal.  The share price is 56% higher than Everi's closing share price on July 25.  The total gross cash profits from IGT Gaming will be $4.05 billion.  IGT anticipates that a sizeable amount of the cash earnings will be distributed back to shareholders and used to pay off debt.