Scientific Games filled out its board of directors by appointing former Barclays Bank CEO Tim Throsby to an open seat left vacant earlier this month after institutional investors acquired the entire stake of the company’s largest shareholder.
Tim Throsby, who has had an extensive international banking career, will become the Las Vegas-based gaming equipment provider’s ninth board member. A majority of the board are considered as independent, according to a company announcement Monday.
Australia-based global investment firm Caledonia led an investment group that paid $28 per share earlier this month for a 34.9% stake in Scientific Games from MacAndrews & Forbes Holding Co., billionaire Ronald Perelman’s New York-based investment vehicle. Perelman resigned as Scientific Games chairman, and two of his associates stepped down from the company’s board.
Former Aristocrat Leisure Ltd. CEO Jamie Odell, who had been a special advisor to the Scientific Games since May 2019, was named executive chairman.
“Tim brings extraordinary financial and operational leadership experience,” Odell said in a statement. “I’m confident Scientific Games will greatly benefit from his expertise as we continue to execute on our strategy to drive growth across our business and unlock value for our stakeholders.”
Throsby served as CEO of Barclays Bank Plc and President of Barclays International from 2017 to 2019. He held senior executive roles with JPMorgan Chase Bank and worked in banking and private equity with Credit Suisse and Macquarie before joining Goldman Sachs in 1995. Throsby also has experience in Asia.
Along with Odell, Throsby joins former Aristocrat CFO and now Scientific Games executive vice chairwoman Toni Korsanos in a remake of the company’s board.
“With Tim’s appointment and our recent governance enhancements, Scientific Games is moving forward from a position of strength with a refreshed, independent board,” Odell said. “We are focused on optimizing our portfolio, deleveraging our business, and capitalizing on the dynamic growth across our industry as key markets continue to reopen.”
Caledonia has previous experience in the global gaming sector, including a $2.5 billion stake in Flutter Entertainment. Over the last 15 years, the company has made significant investments in Aristocrat, holding the largest institutional shareholder stake for much of the last five years. Caledonia’s other current gaming investment is DraftKings.
“Scientific Games has a strong team and a compelling opportunity to capture substantial market opportunity in the expanding digital gaming and sports betting ecosystem,” Throsby said.
Odell led Aristocrat from 2009 to 2017 before his retirement. During his tenure with Aristocrat, the company’s market capitalization increased from $1.3 billion to approximately $7.5 billion.
Shares of Scientific Games closed at $34.96 on the Nasdaq Tuesday, down $1.73, or 4.72%.
Howard Stutz is the executive editor of CDC Gaming Reports. He can be reached at hstutz@cdcgaming.com. Follow @howardstutz on Twitter.
