The Lowdown on Light & Wonder's Executive Shakeup
New appointment for chief legal officer at Light & Wonder
Here's the skinny on what's been happening at gaming heavyweight, Light & Wonder. James Sottile, their top lawyer and corporate guy, is hittin' the bricks come New Year's Eve. And let me tell ya, it ain't just any ordinary retirement. This cat has been weaving through the legal world for more than three decades, makin' partner at several law firms before findin' his stride at Light & Wonder.
Sottile dropped the bomb on 'em in early June, officially submitting his golden ticket to retirement. But fret not, dear readers, they've got a plan. They're handin' the reins to Susan Dawson, the current Senior Vice President and Deputy General Counsel. She's been a trusted part of the team since 2012 and has been holdin' down the fort in her current role since 2018. To keep things smooth, Sottile will still lend a helping hand, workin' as a consultant through 2026 for a cool monthly cut of 20% of his 2025 salary.
Why's Sottile hangin' around for an extra year? Light & Wonder's got big plans, aimin' for a whopping 42.9% boost in revenue by 2028, shootin' for a cool $2 billion in consolidated adjusted EBITDA. If that ain't enough to get ya pumped, they reported a slice of $3.19 billion in revenue for fiscal year 2024, and that's up from a still-impressive $2.9 billion in 2023. The profits more than doubled to $336 million, and their adjusted EBITDA clocked in at $1.24 billion.
But Light & Wonder's not resting on their laurels. They've just dropped a cool billion on Grover Gaming, a move praised by Macquarie Securities analyst Chad Beynon. He's especially stoked about the acquisition because it gives Light & Wonder a solid foot in the U.S. charitable gaming sector, a market that rang up a cool $1.1 billion in 2024 revenue.
So, there ya have it. A reformed legal hotshot is hangin' up his hat, and a seasoned inside player is takin' over. Keep your eyes on Light & Wonder, folks. This ain't the last twist in the tale.
In the context of Light & Wonder's executive shakeup, Susan Dawson, the new Senior Vice President and Deputy General Counsel, will oversee business operations and finance matters as she steps into Sottile's role. The company aims to boost its revenue by 42.9% by 2028, targeting a consolidated adjusted EBITDA of $2 billion, and these financial goals are expected to impact the broader business strategies of Light & Wonder.
