Investors apparently liked the news from Shuffle Master Inc. (SHFL) last week when the company announced that top executives were playing musical chairs. Moving into the chairman’s spot was President and CEO Dr. Mark Yoseloff while succeeding him was Executive Vice president Mark Lipparelli.
Leaving the company is Joe Lahti who succeeded founder John Breeden as chairman nearly four years ago. Lahti had maintained his home in Minnesota and had commuted to Las Vegas as needed.
In the announcement, the company said that veteran gaming executive Pat Cruzen had decided not to seek re-election to the company’s board of directors.
On Friday, Shuffle Master shares rose $1.47 to $17.93 with 492,000 shares changing hands. During the after-hours trading, the price went up to $8.10 a share.
Yoseloff explained that the changes were planned over several months, reflecting “the continuing evolution of our business. It’s clearly evident that Joe Lahti has made significant contributions to the growth and profitability of Shuffle Master and, going forward, I’m pleased that Joe has agreed to provide his counsel to the company for some time to come.”
Although Shuffle Master began as a producer of card shuffle devices, it has since branched out into providing gaming establishments with table and slot games, gaming machine software and related hardware, and table gaming equipment.