Light & Wonder, a prominent player in the gaming industry, has named Oliver Chow as its permanent Chief Financial Officer (CFO) after his successful interim tenure. This move comes on the heels of the company's impressive Q3 performance.
Date: 2023-12-17 Author: Dima Zakharov Categories: PEOPLE
Oliver Chow: The New CFO
Light & Wonder, a key player in the gaming industry, has made a significant announcement. Oliver Chow, who stepped in as interim Chief Financial Officer in August, will now assume the role on a permanent basis. Notably, he will also be taking on the responsibilities of an Executive Vice-President at Light & Wonder.
From Senior Vice-President to CFO
Chow initially joined Light & Wonder in October 2022, serving as the Senior Vice-President of Corporate Finance. Prior to this, he had a notable five-year stint with Aristocrat, where he spent two years as the CFO for the Americas, EMEA, and customer experience. His finance career includes roles with Universal Pictures, Deluxe Entertainment Services, and JPMorgan & Chase.
Chow's Perspective
Expressing his enthusiasm for his new role, Chow stated, "It is a privilege to be appointed as Light & Wonder’s CFO. I’m excited to work with the company’s leadership and board to execute on our clear strategy and build on our strong financial profile."
He added, "I am looking forward to supporting the organization to further enable growth, margin expansion, and financial execution."
CEO Wilson's Endorsement
Light & Wonder's CEO, Matt Wilson, welcomed Oliver Chow's appointment, emphasizing his confidence in Chow's capabilities. Wilson mentioned, "With more than 15 years of entertainment and gaming leadership experience and deep financial expertise, Oliver was the candidate best positioned to lead us forward."
He further praised Chow's attention to detail and his ability to tackle various challenges with ease.
Record Growth in Q3
The announcement of Oliver Chow's permanent appointment comes following Light & Wonder's Q3 financial results, which reported a remarkable 128% increase in revenue, reaching $731 million. This impressive growth was driven by record performances in the SciPlay and igaming divisions.
SciPlay and igaming Soar
The SciPlay division saw a 14.6% revenue climb to an all-time high of $196 million, while igaming revenue surged by 20.7% to reach a record $70 million. Lower operating costs, coupled with revenue growth, resulted in a net profit of $75 million. The consolidated adjusted EBITDA increased by 21.7% to $286 million in Q3.
Expansion and Achievements
In the same quarter, Light & Wonder acquired the remaining shares in SciPlay, the social gaming division it spun off in 2019, for over $420 million. Additionally, the company made strides in its plan for a secondary listing on the Australian Stock Exchange (ASX), gaining a spot in the ASX 200 Index in October.
