Bally Technologies announce shock CEO change

 

 

Bally Technolgies have made a surprise announcement in that Ramesh Srinivasan is leaving his role as President & CEO of the company and with Richard Haddril stepping back into his former role as Chief Executive.

The shock announcement from the slot manufacturer came after the stock market closed on Thursday 15^th May, with the news that Haddril who was only CEO 17 months ago and stepped aside to allow Ramesh Srinivasan to take the role while Haddril climbed to Chairman of the Board at Bally.

No reason for the change was given by the company that Srinivasan has worked for since 2005, especially in a sector where falling revenues and profits have seen Bally compete strongly and return increased profits for shareholders.

Replacing Haddril as new Chairman of Bally, David Ronbins said, “The Board would like to thank Ramesh for his many years of service to Bally and for his leadership in guiding the Company through the acquisition and integration of SHFL entertainment, as well as his exemplary execution in developing Bally’s systems business,” said Robbins. “Dick’s depth of knowledge about our Company and our industry is unparalleled. As a result of his many years of being Bally’s CEO, a director and Chairman of the Board, as well as CEO of two other successful public companies, we believe that he is uniquely qualified to lead Bally through its next era of growth. We are confident that Dick, together with our executive management team, will ensure a seamless transition and execute our strategy of continuing to grow Bally into the leading provider of technologybased products and services to the global gaming industry.”

“I believe that the opportunities we have ahead of us in the coming months are truly exceptional,” Haddrill said. “I am very excited to return to the leadership of Bally and to begin focusing on our many worldwide growth strategies.” Concluded Robins.

Rumours swirled around Las Vegas last night that the move could pave the way for a return by Gavin Isaacs as CEO of Bally, however those rumours seem unfounded as Bally overlooked Isaacs for the role previously.

“I am very proud of our wonderful team and what we have accomplished together during the past nine years at Bally,” Srinivasan said. “I am confident that the Company is extremely well positioned to build on some fantastic opportunities.”

Haddrill served as Bally’s CEO from 2004 to 2012 and on the board since 2003, many interested obsevers will be watching the direction the company takes and if Haddril will last in the role for too long or a new CEO will be found in the mid to long term.