Late-breaking stories usually bode ill but it’s nothing of the sort at Bally Technologies, where a transfer of power was announced during the waning hours of the day. CEO Richard Haddrill (left) steps aside and up, moving to chairmanship of the board at year’s end. President/COO Ramesh Srinivasan will become the new CEO. The latter is a seven-year Bally veteran, having previously overseen its systems division. Pre-Bally, he worked with Haddrill at software firm Manhattan Associates, so it’s fair to say he’s been groomed for the top spot at BYI. J.P. Morgan analyst Joseph Greff sees nothing at all untoward in this bit of musical chairs, due to “recent momentum across [Bally’s] three operating segments,” adding that the company is “going smoothly.” Nor will Haddrill be a back-seat chairman: Greff reports his brief will encompass “long-term strategic initiatives, international expansion and i-gaming.” By contrast, Deutsche Bank analyst Carlo Santarelli found “the suddenness of this change … surprising,” even though “we did not believe Mr. Haddrill would be around for the long haul.” He forecast “investors would scramble to understand” the timing and rationale behind the move. He also noted glumly that management’s near-term earnings guidance “wasn’t exactly a resounding affirmation.” We’ll have to wait until the morning to know how Wall Street is taking the news.
Trump is falling. Or at least the glass in his Toronto edifice complex is plummeting. Seems you don’t have to be a depositor to be victimized by The Donald’s castles in the sky. Just driving past one can be hazardous to your health.
