Everi Holdings Inc. announced that its board of directors has extended the employment agreement of President and Chief Executive Officer Michael Rumbolz for an additional two years through January 31, 2021. The extension supersedes Rumbolz’s prior employment term, which was to conclude in May 2019.
Since his appointment as Interim president and CEO in February 2016, and subsequently as president and CEO beginning May 2016, Rumbolz has overseen the implementation of a series of strategic operating initiatives that have resulted to date in nine consecutive quarters of year-over-year revenue and Adjusted EBITDA growth, a return to profitability for the Company, and a significantly improved capital structure.
These improvements established the foundation for Everi to begin to generate meaningful free cash flow for fiscal 2018, which is expected to accelerate in fiscal 2019 and beyond.
In addition, the company announced Darren Simmons’ promotion to the position of executive vice president and FinTech business leader, where he will continue to lead Everi’s FinTech operations.
Simmons served as Everi’s Interim FinTech business leader during 2018 and under his leadership, the business segment is poised to achieve record operating performance for fiscal 2018. Simmons is responsible for managing the profitability of Everi’s FinTech business and continues to lead product management, product innovation, operations and sales support.
“Mike is an invaluable leader who is well-respected across the industry, and we are pleased that we will continue to benefit from his gaming and FinTech industry expertise going forward,” said Miles Kilburn, Everi’s board chairman. “His vision has been instrumental in establishing a clear set of key operating initiatives that have driven improved customer satisfaction and consistent revenue and adjusted EBITDA growth. Under his leadership, Everi has returned to profitability by growing and diversifying revenues.
“Combined with improvements to our capital structure that have significantly reduced our interest expense, the company is positioned to generate accelerating free cash flow. The board looks forward to continue working with Mike and the entire executive team as they work together to extend our growth trajectory, deliver operational excellence and continue to innovate and deliver best-in-class products to drive customer satisfaction and shareholder value.”
Simmons has nearly 20 years of experience in the financial services and technology industry, with the last 12 years focused on the gaming industry in a variety of senior management roles at Everi. He has unparalleled expertise in managing and developing Everi’s FinTech products, including developing and directing the company’s successful implementation of Europay, Mastercard and Visa (EMV)-chip signature for ATM devices, and other strategic product developments for Everi customers worldwide.
“Throughout the last 12 years, Darren has been a key player in both the growth of our FinTech business and the company’s efforts to expand our FinTech product portfolio,” said Mr. Rumbolz. “We will continue to rely on his deep experience and keen insight to execute on our growth strategy goals for 2019 and to provide the highest quality products and services to our customers worldwide.”
