Light & Wonder has confirmed its President and CEO, Barry Cottle, has stepped down from the role and has left the company.
The Nasdaq-listed gaming firm, recently rebranded from Scientific Games, has now begun a search process to identify a permanent replacement for Cottle, ushering in Matt Wilson as an interim replacement.
Cottle joined the company back in 2018 and led L&W through a historic period, culminating in the transformational rebrand and lottery divestiture completed earlier this year.
The SG lottery division was sold for $6.1bn to Brookfield Business Partners whilst the OpenBet sports betting unit was sold to Endeavor Group Holdings for $1.2bn.
“As we enter the next chapter of our growth journey as the leading cross-platform global game company, we are confident that now is the right time to make this leadership transition,” said Jamie Odell, Executive Chair of Light & Wonder.
“Our Executive Vice Chair, Toni Korsanos, and I have worked closely with Matt for over 10 years, including most recently as he has successfully worked to turn around and reposition Light & Wonder’s Gaming business for long-term growth.
“We are confident that his strategic insights, deep industry knowledge, rich experience and impressive track record make him the ideal person to serve as interim CEO during this transition period.”
Replacing Cottle, Wilson currently serves as the EVP and Group Chief Executive of Gaming but has been handed the reins on a temporary basis whilst the outgoing CEO’s replacement is found.
“I am honored to take on the role of interim CEO during this exciting time for our company,” added Wilson. “With a streamlined organization, sharpened strategic focus and strengthened balance sheet, we are now better positioned than ever to capitalize on the incredible opportunities ahead for the business.
“I look forward to working closely with the rest of the leadership team in this new capacity as we continue to accelerate our progress as a sustainable growth company.”