Marchetti selects by Light & Wonder to join their team
Light & Wonder (L&W) announced on Monday that Michael Marchetti has been appointed to the board of directors.
On January 15th, Light & Wonder will welcome Marchetti, a veteran of roles at Electronic Arts and Buffalo Studios, to its board of directors. At the following year's annual meeting, he will seek re-election.
Marchetti has been on the board of SciPlay Corporation since 2019. October 2023 was the final month for L&W to acquire the remaining shares of SciPlay Corporation. For more than $420 million (£329.8 million/€383.8 million), it bought the 17% stake.
The remaining shares of Sciplay were acquired by L&W in October 2023.
Our pleasure extends to Michael's appointment as an independent director to the Light & Wonder Board," said Jamie Odell, executive chair of L&W.
"With Michael's extensive knowledge of mobile gaming and solid financial background, we will be able to keep increasing shareholder value."
Currently, Marchetti is thrilled to be a part of the Light & Wonder Board. Together with my colleagues directors, Light & Wonder is in a strong position, and I am excited to put my background and enthusiasm for the firm to work for the benefit of its shareholders.
Light & Wonder: Record-Breaking Q3 Growth L&W's record Q3 results were driven in large part by SciPlay's continued outstanding growth.
Light & Wonder's third quarter growth was driven in large part by sciplay's gaming revenue.
Revenue increased 128% to $731 million in Q3 thanks to record-breaking success in the SciPlay and igaming divisions.
Revenue from the division reached a new high of $196 million, up 14.6%, and revenue from igaming reached $70 million, up 20.7%.
Along with rising revenues, operating expenses fell, resulting in a net profit of $75 million. Q3 consolidated adjusted EBITDA was $286 million, up 21.7% year over year.
Marchetti consultation new development at Light & Wonder
Marchetti succeeds Oliver Chow, who was appointed L&W's permanent CFO in December. This followed a brief stint in the position.
descents from the boarding
Light & Wonder's new permanent chief financial officer, Oliver Chow, was announced in December.
Connie James stepped down in August 2023 to seek other possibilities, and Chow temporarily took over the post.
He also became L&W's executive vice president as a result of his permanent appointment. After working for Aristocrat for five years, he decided to join the company in October 2022.
Chow has a background in finance and has held positions at JPMorgan Chase, Universal Pictures, and Deluxe Entertainment Services.
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