Hector Fernandez has resigned his post as CEO of slot supplier Aristocrat Gaming, and will become CEO of the combined enterprise formed by Apollo Global Management through the acquisition of IGT’s gaming division and Everi Holdings, Inc.
The news came Dec. 5 via separate press releases by Apollo and Aristocrat. Apollo announced the hiring of Fernandez. Aristocrat announced Fernandez’s resignation but did not identify the competitor to which he was moving.
In July, IGT and Everi announced definitive agreements under which IGT’s gaming and digital business and Everi, the slot and fintech company, will be simultaneously acquired by a newly formed holding company owned by funds managed by affiliates of Apollo. The deal is an all-cash transaction that values the acquired businesses at approximately a combined $6.3 billion.
“Mr. Fernandez brings a clear track record of success across technology and gaming as well as deep strategic and financial expertise,” Apollo said in its announcement. “His diverse experience both inside and outside of the gaming industry is expected to position him well to integrate and lead two highly complementary gaming platforms following the transaction close with a focus on growth, product innovation and content generation.”
Aristocrat announced that gaming Chief Financial Officer Craig Toner has been appointed to replace Fernandez, effective immediately. Toner has been with Aristocrat for more than seven years. Prior to that worked at alcohol and beverages business Lion in Australia for almost 20 years.
“Craig will ensure a seamless leadership transition, maintaining a relentless customer focus, and continuing to execute our plans,” said Trevor Croker, CEO of parent company Aristocrat Leisure Limited. “We thank Hector sincerely for his commitment and recognize his contribution to our business over the last six years.”
