Ainsworth Game Technology Limited (ASX Code: AGI) today announced the appointment effective 1 July 2019 of Mr Lawrence Levy as the Company’s Chief Executive Officer, subject to all necessary regulatory approvals.
Mr Levy has held senior positions within the gaming industry over a successful career spaning 37 years. Until recently he held the position of Vice President Global Sales at Novomatic AG Austria, having previously held roles in operational and sales areas within Central and South America.
Mr Graeme Campbell, Chairman commented “Lawrence is a highly respected and experienced gaming executive and I am confident that he will further assist the Company achieve its strategies to become a leading provider of innovative gaming technology to the global market”.
Key terms and conditions of Mr Levy’s employment (subject to employment contract) are as follows:
(All amounts are in Australian Dollars)
Initial gross salary of $700,000 per annum (exclusive of statutory superannuation contributions)
Provision of a fully maintained Company vehicle
Short Term Incentive:
An “at risk” bonus is achievable of up to $300,000 per annum, subject to Company performance and Board discretion.
Long Term Incentive:
Approximate value of $100,000 dependant on fair value valuation on grant.
Term of Appointment:
No fixed term, but subject to an annual review by the Board and 6 months probation period.
Termination: There are various ways in which the contract can be terminated, which include:
- By the Company or by Mr Levy, at any time with three (3) months notice; or
- By the Company, immediately, in the event of serious misconduct or in other nominated circumstances.
The Board advised that on-going discussions with Mr Danny Gladstone are expected to ensure an orderly transition and the utilisation of his vast experience.