Scientific Games Corp., the Las Vegas-based gambling equipment maker, has named a new chief executive after debt financing charges led to a wider first-quarter loss despite higher revenues.
In a statement, Scientific Games said Barry Cottle, who had been leading the company’s SG Interactive unit, will now serve as president and CEO effective June 1. He’ll replace current CEO Kevin Sheehan, who will become a senior adviser. Board Chairman Ronald Perelman, in a statement, credited Cottle with driving Scientific Games’ business growth in its interactive division.
In another executive change, Scientific Games named Tim Bucher executive vice president and chief product officer. He had been senior vice president and general manager of Seagate Technology’s consumer solutions group.
Scientific Games reported earlier this week its net loss for the three months ended March 31 widened to $201.8 million, or $2.24 per share, from $100.8 million, or $1.14 per share, a year earlier. A $93.2 million loss from debt financing transactions played a role in the wider overall loss, the company said.