Aristocrat Leisure's gaming unit CEO exits to join Apollo Global, shares slide

Everi Holdings

06/12/2024 01:10

Dec 6 (Reuters) - Shares of Australia's Aristocrat Leisure  ALL.AX  fell on Friday as
Hector Fernandez, CEO of the gambling firm's gaming unit, Aristocrat Gaming, resigned to lead
Apollo Global's  APO.N  newly-formed rival.
    Aristocrat stock slipped as much as 2.9% to A$67.720 by 0050 GMT, compared with a 0.3% drop
in the benchmark  .AXJO  index. It was on track for its worst session since Sept. 25.
    Fernandez, who had led Aristocrat Gaming since 2022, will be replaced by Craig Toner, the
current financial chief of the unit, the company said on Thursday after market close.
    In a separate statement on Thursday, Apollo said it had appointed Hernandez as the CEO of
its new gaming solutions venture.
    In July, Apollo Funds — Apollo Global's private equity arm — said it would take
International Game Technology's  IGT.N  gaming and digital business and Everi Holdings  EVRI.N 
private, in a deal that values the combined entity at $6.3 billion.
    Both Aristocrat Gaming and International Gaming Technology design and manufacture slot
machines for casinos.
    Fernandez would join the combined company by the fourth quarter of 2025 after the expiration
of a non-compete period, Apollo said.
    Nick Khin, IGT's president of Global Gaming, will serve as interim CEO of the combined
business until Fernandez's joining, it added.

 (Reporting by Aaditya Govind Rao in Bengaluru; Editing by Alan Barona)
 ((Aaditya.GovindRao@thomsonreuters.com))