Chibib replaces Randy Cieslewicz, who said in December he was resigning for personal reasons and "to pursue other opportunities."
Multimedia Games said Chibib previously ran a financial consulting firm, assisting fledgling technology companies with debt, equity fundraising and other aspects of their businesses.
Chibib will receive an option to purchase 250,000 shares of the company’s common stock, which will amount to a "significant" portion of his compensation, Multimedia Games said.