Former Ainsworth CEO Gladstone appointed company chairman

Former Ainsworth Game Technology chief executive Danny Gladstone has been appointed as the new chairman of the board at the Australian gaming machines and content provider, while current chairman Graeme Campbell will step down on 26 September, the company announced.

Gladstone became chief executive at Ainsworth in 2007 and stepped down in June, but continues to serve on the board as a non-executive director. Ainsworth chief executive Lawrence Levy said Gladstone’s experience should be a major boost to the company.

“We are pleased to welcome Danny to his new position as Chairman of Ainsworth Game Technology following the AGM,” Levy said. “This appointment provides us with a greater ability to utilise Danny’s vast industry experience and strong customer relationships. I look forward to working closely with him to drive future growth and profitability.

The moves come amid financial difficulties for Ainsworth, after the company announced a 66% decline in annual profit in August, three months after issuing a profit warning. The company said the struggles were mostly due to a 43% decline in sales in Australia.

Campbell will continue to serve as a non-executive director after he steps down, as well as the newly-recreated role of lead independent director.

“We are also reinstating the role of lead independent Director. This recognizes the importance of governance and independence in ensuring the Board operates effectively,” Levy said. “Graeme will provide leadership to the independent directors and advise the Board on matters where there may be an actual or perceived conflict of interest.

“We appreciate Graeme’s much-valued contribution to Ainsworth and we look forward to working with him in this role.”