he Board's Governance Committee will promptly initiate a search for a new CEO. On April 21, 2010, Shuffle Master announced that Mr. Parrott would be taking a temporary medical leave of absence.
Peckman will remain as a Director of the company but will no longer be "independent" under the applicable SEC and NASDAQ rules. Effective today, he has resigned from all Board committees. Director Louis Castle will replace him as the Audit Committee Chair. Director Daniel Wade will replace Mr. Castle as the Compensation Chair. Director John Bailey will remain Governance Committee Chair. Thus, the Company will continue to have only "independent" directors on its Audit, Compensation, and Governance Committees.
By appointing Peckman as interim CEO, the company's Board of Directors is ending the interim Management Committee announced last week. He will work closely and directly with Shuffle Master's senior executive team, consisting of Messrs. Linster Fox, Executive Vice President and Chief Financial Officer; David Lopez, Executive Vice President; Jerry Smith, Executive Vice President, General Counsel and Corporate Secretary; and Roger Snow, Executive Vice President, all of whom will report directly to him.
Peckman has extensive senior executive experience in multiple industries. He has practiced law and was the Managing Partner of the Las Vegas office of McGladrey and Pullen, a national accounting firm. He joined the Las Vegas-based Greenspun family in 1990 as the Chief Operating Officer of the Greenspun Corporation, a real estate, media and gaming company. Mr. Peckman left the Greenspun Corporation as the CEO in November 2006. He has served as non-executive Chairman of the Board of Shuffle Master since 2008 and Chairman of the Audit Committee since 2007. Mr. Peckman graduated from Creighton University, University of Iowa and Drake University Law School. He is a former CPA.
On behalf of Shuffle Master's Board of Directors, management and staff, Mr. Peckman stated, "We honor and thank Mr. Parrott for his distinguished service as CEO of Shuffle Master and continue to wish Mr. Parrott the best. I will continue Tim's successful launch of the 12 Point Pledge and the implementation of his other positive cultural changes to the Company." Peckman continued, "The announcement about Tim Parrott last week was appropriate and fully accurate at the time made given our belief that he would be returning to his CEO duties within 4 to 6 weeks. Now, learning of the change in Tim's medical condition, the Board was compelled to establish the interim CEO role and has begun the process of finding a permanent CEO."