Light & Wonder names new interim CEO as Barry Cottle exits

Light & Wonder has named executive VP and group chief of gaming Matt Wilson as the firm’s interim CEO following the departure of Barry Cottle.

The Las Vegas-headquartered supplier confirmed Cottle has stepped down from the role of president and CEO, as well as his position on the firm’s board of directors, but will remain to support the transition process in a consultancy capacity.

A veteran of the gaming sector, Barry Cottle led Scientific Games interactive arm and oversaw the transition of the supplier to its Light & Wonder brand identity. Cottle managed Scientific Games’ strategic review, in which the business divested its lottery and sports betting businesses from the main group as part of a wider focus on becoming a content-led digital business.

In September 2021, Scientific Games sold its OpenBet business to Endeavor for $1.2bn, and would later conclude the strategic review with the sale of its global lottery business to Brookfield Business Partners for $6.05bn (£4.4bn) in October 2021. Following on from these changes, the supplier rebranded from Scientific Games to Light & Wonder in March.

As part of the process to support the transition, Wilson will continue in his role while taking on this temporary position. Light & Wonder has already commenced the search process to identify a permanent replacement for Cottle and has engaged with a national executive search firm to assist with the process.

Wilson has been with the supplier for the last two-and half years as the firm’s chief of gaming. Before that, he spent nearly 16 years with fellow supplier Aristocrat, holding positions including president and MD of its Americas division and senior VP of global gaming operations.

Alongside the announcement, Light & Wonder executive chair Jamie Odell released a statement citing the changes made to the group following its widely-publicized pivot to becoming a content-led company which included requiring a change in leadership.

“As we enter the next chapter of our growth journey as the leading cross-platform global game company, we are confident that now is the right time to make this leadership transition,” Odell stated.

“Our executive vice chair Toni Korsanos and I have worked closely with Matt for over 10 years, including most recently as he has successfully worked to turn around and reposition Light & Wonder’s gaming business for long-term growth.”

Odell concluded: “We are confident that his strategic insights, deep industry knowledge, rich experience and impressive track record make him the ideal person to serve as interim CEO during this transition period.”

Wilson spoke of his delight at assuming the new role.

“I am honoured to take on the role of interim CEO during this exciting time for our company; with a streamlined organization, sharpened strategic focus and strengthened balance sheet, we are now better positioned than ever to capitalize on the incredible opportunities ahead for the business,” he said.

In addition to confirming the changes at CEO level, the supplier also reaffirmed the 2022-25 financial targets previously provided at its Investor Day in May, reiterating its confidence that they would be achieved.

In its most recent financial results, Light & Wonder recorded a 5% year-on-year revenue increase but saw its EBITDA dip by 9%.