Marchetti, who has previously held roles at Electronic Arts and Buffalo Studios, will join the L&W board on 15 January. He will then stand for re-election at the company’s annual meeting.
Since 2019, Marchetti had been a director of SciPlay Corporation. L&W completed the acquisition of SciPlay Corporation’s remaining shares back in October 2023. It purchased the 17% holding for over $420m (£329.8m/€383.8m).
Jamie Odell, executive chair of L&W, stated: “We are pleased to welcome Michael to the Light & Wonder Board as a new independent director.
“Michael has a wealth of mobile gaming experience and a strong financial background that will help us continue to maximise value for our shareholders.”
Marchetti said: “I’m excited to join the Light & Wonder Board at this time. Light & Wonder is operating from a position of strength and I look forward to applying my experience and passion for the business, along with my fellow directors, to deliver value to the shareholders of this great company.”
Light & Wonder: Q3 growth driven by record SciPlay performance
L&W’s record Q3 results were largely propelled by SciPlay continuing to display superb growth.
Its Q3 results showed a 128% rise in revenue to $731m, driven by record performances within the SciPlay and igaming businesses.
Division revenue climbed 14.6% to a record $196m, while igaming revenue increased 20.7% to an all-time high of $70m.
Operating costs were also lower which, coupled with revenue growth, meant net profit reached $75m. Consolidated adjusted EBITDA increased 21.7% to $286m in Q3.
Marchetti appointment the latest change at Light & Wonder
Marchetti’s appointment comes after Oliver Chow was named L&W’s permanent chief financial officer in December. This came after an interim spell in the role.
Chow took over the role on a temporary basis back in August 2023, after Connie James stepped down to pursue other opportunities.
His permanent appointment also saw him become an executive vice-president of L&W. He joined the company in October 2022 having spent five years with Aristocrat.
Earlier in his career, Chow also worked in finance roles with Universal Pictures, Deluxe Entertainment Services and JPMorgan & Chase.
Original article: https://igamingbusiness.com/people/people-moves/light-wonder-appoint-michael-marchetti-board/
