IGT is reportedly cutting 10% of its global workforce, or around 700 staff, as part of plans to “streamline operations” at the supplier giant.
As reported by the Las Vegas Review-Journal, IGT CEO Hector Fernandez sent a letter to staff on Monday, 23 March, informing them of the changes
The letter read: “When we met in December for our first companywide town hall since I started as incoming CEO, I said we would move quickly to evaluate our business and make decisions to strengthen it.
“Over the past several months, we have kept that commitment. 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 organisation is structured, and this work has led to a difficult but necessary step.”
Fernandez officially started as IGT CEO in December, having served a non-compete period after he departed Aristocrat. He was originally appointed to the top job in December 2024.
The letter did not disclose where the redundancies are set to impact the firm’s global workforce.
IGT has offices in the US, Mexico, Argentina, the UK, the Netherlands, Iceland, Spain, Latvia and South Africa.
The firm’s APAC offices include China, Macau, Philippines, Singapore and Australia.
The letter noted that the redundancies were not “performance driven” but instead related to the company’s structure.
Fernandez continued: “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.
“For those leaving IGT as part of this action, we are committed to providing severance, outplacement support and transition resources.
“For those remaining, you may feel sadness for colleagues, concern about your teams or uncertainty about the future. Those feelings are natural in moments like this.
“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.”
The restructuring comes almost 12 months after IGT was officially taken over by Apollo.
The transaction saw IGT’s gaming and digital business combine with Everi in February 2024.
Then in July of that year, the entity was then sold to Apollo in a deal that valued the combined business at $6.3bn. The combined firm took on the IGT brand.
IGT’s former lottery arm has since rebranded to Brightstar Lottery and remains a listed, independent business.
Arnold Ash is EGR’s Executive Recruitment Partner. They support ambitious organisations to identify and attract industry leading executive talent. Find out more here.
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Supplier giant reportedly set to slash 10% of workforce as new CEO says streamlined structure will allow for “greater clarity and speed”
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