Penn CFO Williams Steps Down; Hendrix Steps In

Penn National Gaming CFO David Williams (l.) has stepped down, and will be replaced by Felicia Hendrix, a longtime gaming analyst most recently with Barclays.

Penn CFO Williams Steps Down; Hendrix Steps In

Penn National Gaming, Inc. announced today that David Williams has stepped down as executive vice president and chief financial officer as of December 31, 2020. Taking his place, subject to customary regulatory approvals, will be Felicia Hendrix, who will be joining Penn National as executive vice president and CFO on March 2, following more than 20 years as an equity research analyst covering the gaming, lodging and leisure industries.

Hendrix will be reporting directly to Penn National Chief Executive Officer, Jay Snowden. Williams has agreed to stay with the company in a temporary advisory role to help ensure a smooth transition.

“To say my relatively brief tenure at Penn National was a roller coaster ride would be an understatement,” said Williams. “We went from the excitement of announcing our new partnership with Barstool Sports to the temporary shutdown of all of our operating assets in my first two months on the job. I am very proud of the way our company responded to the unprecedented challenges the pandemic presented, and the role I played in helping to raise more than $1 billion in new equity to be able to weather the storm.

“While I am grateful for the opportunity to have been a part of the incredible team at Penn, the challenges of continuing to work remotely from the West Coast and the potential strain of a relocation of my family during the ongoing pandemic has led me to this difficult decision.”

“I want to express my sincere appreciation to Dave for his dedication and support of our company over the past year,” said Snowden. “He was quickly thrown into the fire, and I’m grateful for the way he stepped up and helped us navigate our way through the shutdowns of our casinos, ensuing companywide furloughs, and successful capital raises. We wish him all the very best in his future pursuits.

“Fortunately, we have someone of Felicia’s caliber and exhaustive experience on Wall Street as an equity research analyst—who happens to have covered Penn for the last two decades—to step in as our new CFO. I have long admired Felicia and her deep knowledge of the gaming industry, impressive work ethic, sharp wit and attention to detail. I’m confident she’ll be able to hit the ground running in her new role, and we couldn’t be happier to have her officially join our Penn National Gaming family.”

Hendrix most recently was a managing director and equity research analyst at Barclays, covering the gaming, lodging and leisure industries, and had been consistently recognized in the Institutional Investor All Americas Research Team polls. Her varied coverage universe spanned companies with market caps ranging from $2.5 billion to $45 billion and comprised differing revenue bases, cost structures, leverage levels and management depth.

Prior to joining Barclays, Hendrix was a managing director at Lehman Brothers.