Key points:
- Hector Fernandez is set to take over the merged IGT/Everi business
- Nick Khin will act as interim CEO until Q4 2025, when Fernandez is set to step into the role of CEO
- This news closely follows the announcement that Fernandez would be stepping down as Aristocrat CEO
Hector Fernandez is set to take over the top job at the newly merged IGT/Everi business, stepping in as CEO at the end of 2025.
Following announcements from Aristocrat this morning which confirmed Fernandez’s departure – with Craig Toner set to step in as CEO – IGT/Everi owner Apollo Global Management has announced that Fernandez will be taking over as the new head of the merged company.
This announcement marks the first major update as to the new form of the currently combined operations of IGT and Everi, since the acquisition of the two companies by Apollo Global for a sum of $6.3bn was made public in July. The acquisition was subsequently approved by Everi shareholders last month.
Now, Fernandez will bring his prior experience as Aristocrat CEO with him as he helps steer the two companies through this transitional period. During his two-year tenure as Aristocrat CEO, Fernandez managed to deliver both consistent growth and increased profitability, something he will look to emulate in this latest venture.
Good to know: Last month, IGT reported a $14m drop in Q3 2024 revenue year-over-year to $587m
Due to his customary non-compete period, Fernandez will not be stepping in to his new role until the final quarter of 2025. Prior to his arrival, the enterprise will be led by the recently appointed President of IGT, Nick Khin, who will take on the role of interim CEO.
Commenting on his appointment, Fernandez stated, “I couldn’t be more excited to be part of this journey with IGT Gaming and Everi. I look forward to partnering with the very talented teams at both companies, as well as the Apollo team leading the transaction.”
This sentiment was echoed by Daniel Cohen, Partner at Apollo, who said, “We’re thrilled to name Hector Fernandez as the future CEO of the combined enterprise. 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.”
