The holding company formed to acquire IGT’s Gaming & Digital Business and Everi Holdings announced that Hector Fernandez will lead the combined enterprise as CEO.
The news comes after Everi’s stockholders last month voted in favor of a merger with Apollo Funds, which also includes the expected acquisition of IGT’s Gaming and Digital business.
Fernandez brings experience across the technology and gaming sectors to the role, as well as strategic and financial expertise. His diverse experience, both inside and outside of the gaming industry, is expected to position him well to integrate and lead the two highly complementary gaming platforms, Apollo said.
Fernandez most recently served as CEO of Aristocrat Gaming, Aristocrat Leisure Limited’s global land-based gaming content and technology business. During his tenure, he led several strategic initiatives aimed at gaining market share across verticals and delivering strong revenue growth.
“We are thrilled to name Hector Fernandez as the future CEO of the combined enterprise,” said Daniel Cohen, Partner at Apollo.
“As we look to position IGT Gaming and Everi as a premier, diversified customer-centric platform at the forefront of innovation in the gaming and FinTech industries, Hector brings an impressive track record of successfully scaling operations and strengthening customer relationships while being a champion for strong values. Hector shares our vision to lead this talented global workforce and will foster a people-first culture across the combined enterprise.”
“I couldn’t be more excited to be part of this journey with IGT Gaming and Everi,” said Fernandez. “I look forward to partnering with the very talented teams at both companies, as well as the Apollo team leading the transaction.”
Fernandez will join the combined enterprise by the fourth quarter of 2025 after the expiration of a customary non-compete period. Following the transaction close, Nick Khin, President of Global Gaming at IGT, will lead the combined enterprise as Interim CEO until Fernandez assumes the CEO role.
Following closing, the combined enterprise will be organized into three business units: Gaming, Digital, and FinTech. Upon Fernandez joining the combined enterprise, Khin will step into the newly formed role of CEO of Gaming and will oversee the land-based gaming businesses of the combined enterprise.
Gil Rotem, current President of IGT PlayDigital, will serve as CEO of Digital, and Darren Simmons, current Executive Vice President and FinTech Business Leader at Everi, will serve as CEO of FinTech.
“We are excited for Nick to take on the additional responsibility of Interim CEO upon closing of the acquisitions and are confident he will succeed in his role of leading the land-based gaming businesses of the combined enterprise once Hector officially joins,” said Cohen.
“We believe his deep understanding of customers and players, as well as his leadership and passion, will help set the foundation for future success. We are also pleased to have leaders of Gil’s and Darren’s caliber from both companies ready to take on key leadership roles in the combined enterprise.”
“I believe in the tremendous potential of IGT Gaming and Everi as a combined enterprise, and I am honored to serve as Interim CEO once the transactions are completed,” said Khin. “I look forward to working alongside Hector, Gil and Darren, and utilizing the opportunities we have in front of us to generate content-rich experiences and deliver unmatched value to our customers.”
The previously announced acquisitions of IGT Gaming and Everi are still expected to be completed by the end of the third quarter of 2025, assuming the timely satisfaction of closing conditions, including certain gaming and regulatory approvals.
On November 14th, 2024, Everi stockholders approved the transaction. The separation of the IGT Gaming business remains on track and is expected to be complete in early 2025. Integration planning for the combined enterprise is underway, led by a team comprising representatives of the Apollo Funds, Everi, and IGT Gaming.
Original article: https://www.yogonet.com/international/news/2024/12/06/87688-hector-fernandez-appointed-as-ceo-of-joint-everiigt-enterprise-to-assume-role-in-q4-2025
