Light & Wonder Welcomes Michael Marchetti to Board

Michael Marchetti, with a history of key positions at Electronic Arts and Buffalo Studios, has been announced as the latest addition to the Light & Wonder (L&W) board. L&W confirmed this appointment on January 9th, 2024. Michael Marchetti's first official day on the board is set for January 15th, with plans to seek re-election during the company's annual meeting.

Marchetti had previously served as a director at SciPlay Corporation since 2019. Light & Wonder successfully acquired the remaining shares of SciPlay Corporation in October 2023, securing a 17% stake for over $420 million (£329.8 million/€383.8 million).

Jamie Odell, the executive chair of Light & Wonder, expressed his satisfaction with the addition of Michael Marchetti: "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 maximize value for our shareholders."

Michael Marchetti also shared his excitement about joining the L&W Board: "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."

L&W's Q3 results showcased exceptional growth, primarily driven by SciPlay's outstanding performance. The revenue in Q3 surged by 128% to $731 million, with remarkable achievements in both SciPlay and igaming sectors. Division revenue reached a record $196 million, while igaming revenue hit an all-time high of $70 million. Lower operating costs and revenue growth contributed to a net profit of $75 million. Consolidated adjusted EBITDA also saw a substantial increase of 21.7% to $286 million in Q3.

Michael Marchetti's appointment follows Oliver Chow's appointment as L&W's permanent Chief Financial Officer in December, after an interim role. Chow assumed temporary duties back in August 2023, following Connie James's departure to explore other opportunities. His permanent role also elevated him to the position of Executive Vice-President at L&W, marking a significant step in his career journey.

Chow's career spans various finance roles with companies such as Universal Pictures, Deluxe Entertainment Services, and JPMorgan & Chase, adding to the expertise and diversity of the Light & Wonder leadership team.