A member of the Board of Directors at International Game Technology (IGT) announced intentions not to stand for re-election ahead of the upcoming annual general meeting (AGM) of the shareholders, the company announced in a press release today.
Other Professional Commitments
Beatrice Bassey, who also serves on the Nominating and Corporate Governance Committee within the Board of Directors, notified the company April 20, 2021, that she would not stand for another term, and would leave her positions at the Board and Committee after the AGM scheduled for May 11, 2021, effective immediately.
“On behalf of the IGT Board of Directors, I would like to thank Beatrice for her dedicated service and valuable contributions to the Board. We wish her well in her future endeavors.”Lorenzo Pellicioli, Chairman, Board of Directors, IGT
Beatrice Bassey pointed out other professional commitments and challenges from the ongoing situation related to the coronavirus outbreak as the main reasons behind her decision to discontinue her service to the Board.
She expressed her gratitude to have the privilege to work with exceptional professionals and dedicated company staff and underlined she would remain supportive of the company’s ongoing operations and future policies.
Bassey’s Continued Appointment Proposal Withdrawn
Bassey’s notification came as a surprise to the company which had already proposed her continued appointment to the Board of Directors in resolution number 5 included in the notice and proxy materials distributed to IGT shareholders prior to the AGM.
That proposal is now withdrawn, IGT informed in the official press release, noting that the withdrawal does not question the validity of the AGM notice, proxy form and proxy votes already submitted on other resolutions proposed by the company, which total number would remain unchanged.
IGT noted that, with the departure of Beatrice Bassey, immediately upon the conclusion of the company’s AGM next month, the size of the Board of Directors will be reduced to 10 directors.
In March, IGT released its final quarter and full year financial results for 2020 revealing the extent of the coronavirus impact on the company’s performance. Total revenue came out close to $1 billion lower, $3.115 billion, compared to the $4.032 billion for the year prior.
Full year 2020 adjusted EBITDA came even lower than the 23% slump in revenue, decreasing by 31% despite the significant cuts in corporate support and other expenses, and IGT finished the year with a net loss of $106 million.