Scientific Games has announced that Tim Throsby will join the company’s Board of Directors as a new independent director effective from October 1, 2020. The Scientific Games board will comprise nine directors, the majority of whom are independent.
Mr. Throsby brings decades of executive financial leadership and business growth and development experience to Scientific Games. He most recently served as CEO of Barclays Bank Plc and President of Barclays International where he designed and executed a comprehensive restructuring to help transform the performance and culture of the organisation. Under Mr. Throsby’s leadership, Barclays Bank Plc doubled its return on tangible equity (ROTE) over a US$20 billion top line portfolio of businesses.
“We are delighted to have a financial leader of Tim’s caliber join our Board,” said Jamie Odell, Executive Chair of Scientific Games. “Tim brings extraordinary financial and operational leadership experience. I’m confident Scientific Games will greatly benefit from his expertise as we continue to execute on our strategy to drive growth across our business and unlock value for our stakeholders.”
Mr. Odell continued, “With Tim’s appointment and our recent governance enhancements, Scientific Games is moving forward from a position of strength with a refreshed, independent Board. We are focused on optimizing our portfolio, deleveraging our business, and capitalizing on the dynamic growth across our industry as key markets continue to reopen.”
“Scientific Games has a strong team and compelling opportunity to capture substantial market opportunity in the expanding digital gaming and sports betting ecosystem,” said Mr. Throsby. “I look forward to working closely with Jamie, CEO Barry Cottle, the board and management team during this important time in the company’s evolution and supporting its efforts to deliver sustainable growth and shareholder value.”
Mr. Throsby’s appointment follows Scientific Games’ disclosure that the company would appoint an additional independent non-executive director in connection with its September 14, 2020 announcement that a number of long-term institutional investors, including highly credentialed gaming industry investor Caledonia, reached agreement to acquire a 34.9% stake in the company. As part of the transaction, the company is implementing certain governance enhancements and refreshment to its board. Mr. Throsby’s appointment follows the appointment of Executive Chair Jamie Odell and Executive Vice Chair Toni Korsanos.