Bally Technologies Make Shock Change of CEOPublished May 21, 2014 by OCR Editor
Richard Hadrill picks up the reins again at Bally.
It's all change, though with more than a hint of as you were at Bally Technologies, with the shock announcement that Ramesh Srinivasan is leaving his role as President and CEO - to be replaced by the returning Richard Hadrill.
What's Behind the Mystery Move?
Hadrill left his role as CEO 17 months ago to take on the challenge of Chairman of the Board at Bally, while Srinivasan, as the new President and CEO oversaw the acquisition and integration of SHFL. He was thought to have performed more than capably, especially given that in a sector that has witnessed falling revenues and profits, Bally has returned very healthy results for its shareholders. No official reason has been given for the departure of Srinivasan, who has worked at the company since 2005. On his departure he said, "I am very proud of our wonderful team and what we have accomplished together during the past nine years at Bally. I am confident that the Company is extremely well positioned to build on some fantastic opportunities." - leaving us none-the-wiser as to why he left.
Support from the New CEO
David Ronbins the new Chairman of the Board thanked Srinivasan for his nine years of service, while helping Bally to transition - in particular his implementation of business systems that have in part helped to make it an industry leader. He was also excited that Hadrill was returning to his former role as CEO saying, "Dick's depth of knowledge about our Company and our industry is unparalleled," adding, "he is uniquely qualified to lead Bally through its next era of growth."
Hadrill himself was bullish about Bally's immediate and longer-term prospects, acknowledging the company has some truly exceptional up-coming opportunities. He emphasised the global nature of the attempt to encourage further growth.
What Does the Future Hold?
There has been speculation in the industry that this could be a stop-gap appointment at Bally and that anything less than better-than-expected results could encourage shareholders to seek a new-CEO for the medium-to-long-term. Only time will tell.