Slot machine developer International Game Technology (IGT) is laying off 700 workers globally, about 10 percent of the company’s workforce.
CEO Hector Fernandez sent a letter to employees on Monday informing them of the job cuts. Since assuming his role in December last year, Fernandez has been reviewing the company’s workforce.
“We examined where we focus, how we operate, and how our structure supports our strategy. As part of that review, we also had to make some difficult decisions about how our organization is structured, and this work has led to a difficult but necessary step,” he wrote.
The layoffs are not performance-related, but are aimed at streamlining the business in the wake of its merger with Everi last year. The merger came as part of a takeover by the New York-based group Apollo, which agreed to acquire the two companies for $6.3 billion in 2024.
Fernandez was brought in to lead the new company and added, “The changes we are announcing today are part of that effort to simplify our structure, reduce duplication, and enable us to move with greater clarity and speed.”
Plan Devised During Year of Waiting
Fernandez said severance packages are being provided to workers facing layoffs. He added, “For those leaving IGT as part of this action, we are committed to providing severance, outplacement support, and transition resources.”
Before taking up his role as CEO, he had to wait a year due to a non-compete agreement from his previous position as CEO of Aristocrat.
During his year off, he said he devised a plan for the business, following the 5 C’s — culture, capabilities, content, commercialization, and cash-flow creation.
“I formulated the plan, the strategy, and the execution for this job. I couldn’t compete, but I could use my brain. That’s what I did,” said Fernandez.
Company Moves to Next Chapter
Fernandez urged those staying at the company to come together and drive it forward.
“What matters now is how we move forward together: supporting one another, focusing on our priorities and continuing the work that will define the next chapter of our company. We came together to build a company that can lead in a rapidly evolving industry, and I remain confident in that opportunity and in the strength of our team,” he told employees.
The cuts were first reported by the Las Vegas Review-Journal, but the outlet could not say how many of the job losses are in Nevada.
IGT operates two facilities in the state, including a Las Vegas site near Buffalo Drive and Sunset Road. It relocated its headquarters to Vegas last year after the merger.
The company also has staff in Texas, California, Oklahoma, and New Jersey. Internationally, it has a presence in Europe, Australia, India, and Latin America.
In his letter, Fernandez did not detail where the job cuts have been made. Upon announcing the deal to take control of IGT and Everi, Dave Cohen, a partner at Apollo, stated, “We look forward to working in partnership with all the people at IGT Gaming and Everi to propel the combined enterprise forward.”
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Slot machine developer International Game Technology (IGT) is laying off 700 workers globally, about 10 percent of the company’s workforce. CEO Hector Fernandez sent a letter to employees on Monday informing them of the job cuts. Since assuming his role in December last year, Fernandez has been reviewing the company’s workforce. “We examined where we focus,
The post IGT Laying Off 700 Staff Members Amid Restructuring appeared first on CasinoBeats.