ustralian gaming machines developer Ainsworth Game Technology has appointed former Novomatic boss Harald Neumann as its new Chief Executive Officer, announced the company on Wednesday. The news surge as former CEO Lawrence Levy advised the company of his intention to resign from the role, a decision set to become effective on Friday.
Following Levy’s decision, AGT agreed with Neumann, who spent a decade with Novomatic before stepping aside in February 2020, to step in as the new CEO. Neumann is expected to commence October 1, subject to regulatory approvals and the completion of contractual details.
“On behalf of the Board, we thank Lawrence for his contribution through challenging times,” said Chairman Danny Gladstone. “Lawrence has decided to resign for personal reasons, and we wish him well.”
Neumann’s remuneration terms under his new position are expected to be similar to Levy’s, and will be released “to ASX on completion,” states a press release. Mark Ludski, Chief Financial Officer at AGT, will undertake the additional role of interim CEO until the appointment of Neumann takes effect “to ensure continuity of leadership and oversight of the company’s operations."
Harald Neumann has been a director of Ainsworth since February 2017 and is set to remain a director of the company at the present time, albeit from October 1 in an executive capacity.
“As the former successful CEO of Novomatic AG, our major shareholder, and a director of AGT, he brings a wealth of knowledge and experience to the role with a thorough understanding of AGT,” further added Gladstone. “He will be able to seamlessly transition to the new position.”
Ainsworth has further announced that Neumann will be based in Las Vegas, where he will lead AGT in the company’s largest market, “continuing to drive growth and recovery.”
The company reported last month a full-year loss after tax of $38.7 million, as the effects of Covid-19 impacted the group’s financial performance in the 12 months to June 30. Despite this setback, Ainsworth said it saw a recovery in the second half of its financial year, and expects revenue of $64.9 million for H2 2020-21 financial year.