Light & Wonder names Michael Marchetti as member of board of directors

Marchetti’s appointment is effective January 15.

US.- Gaming supplier Light & Wonder has announced that Michael Marchetti has been appointed as a member of its board of directors. Marchetti’s appointment is effective January 15, and he will stand for re-election at this year’s annual meeting.

Marchetti currently serves as the CFO of Age of Learning. He previously served as a director of SciPlay Corporation. Light & Wonder acquired the remaining public shares of SciPlay in October of 2023. Throughout his career, he has held various leadership positions in both financial institutions and gaming companies, including Merrill Lynch, Electronic Arts, and Buffalo Studios.

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Jamie Odell, executive chair of Light & Wonder, said: “We are pleased to welcome Michael to the Light & Wonder board as a new independent director. Michael has a wealth of mobile gaming experience and a strong financial background that will help us continue to maximize value for our shareholders.”

Michael Marchetti commented: “I’m excited to join the Light & Wonder board at this time. Light & Wonder is operating from a position of strength, and I look forward to applying my experience and passion for the business, along with my fellow directors, to deliver value to the shareholders of this great company.”

In December, Oliver Chow was appointed as the company’s executive vice president, chief financial officer (CFO) and treasurer. He has served as interim CFO since August 2023, stepping in to replace Connie James. He was previously senior vice president of corporate finance.

Light & Wonder posts 13 per cent increase in Q3 revenue

Light & Wonder released its financial results for the third quarter of 2023. It reported gaming revenue of $465m, up 11 per cent compared to the prior year period. Growth was primarily driven by a 23 per cent rise in gaming machine sales in North America and international markets alongside continued momentum in gaming operations and table products.

iGaming revenue was $70m, up 21 per cent compared to the corresponding period last year. SciPlay achieved record revenue of $196m, a 15 per cent increase. In October, Light & Wonder completed its acquisition of the remaining 17 per cent equity interest in SciPlay Corporation that it did not previously own.