Hector Fernandez has resigned his post as CEO of slot supplier Aristocrat Gaming and will become CEO of the combined enterprise formed by Apollo Global Management through the acquisition of IGT’s gaming division and Everi Holdings Inc.
The news came today (5 December) via separate press releases by Apollo and Aristocrat. Apollo announced the hiring of Fernandez. Aristocrat announced Fernandez’s resignation but did not identify the competitor to which he was moving.
In July, IGT and Everi announced definitive agreements under which IGT’s gaming and digital business and Everi, the slot and fintech company, will be simultaneously acquired by a newly formed holding company owned by funds managed by affiliates of Apollo. The deal is an all-cash transaction that values the acquired businesses at approximately a combined $6.3 billion (£4.9 billion/€5.6 billion).
Earlier this month, Everi Holdings shareholders formally approved the pending transaction at a special meeting. The proposed transaction is expected to close by the end of the third quarter of 2025. Fernandez will lead the combined enterprise as CEO.
“Mr Fernandez brings a clear track record of success across technology and gaming as well as deep strategic and financial expertise,” Apollo said in its announcement. “His diverse experience both inside and outside of the gaming industry is expected to position him well to integrate and lead two highly complementary gaming platforms following the transaction close with a focus on growth, product innovation and content generation.”
Toner named new Aristocrat CEO
Aristocrat announced that gaming chief financial officer Craig Toner has been appointed to replace Fernandez, effective immediately.
Toner has been with Aristocrat for more than seven years. Prior to he that worked at alcohol and beverages business Lion in Australia for almost 20 years.
“Craig will ensure a seamless leadership transition, maintaining a relentless customer focus and continuing to execute our plans,” said Trevor Croker, CEO of parent company Aristocrat Leisure Limited. “We thank Hector sincerely for his commitment and recognise his contribution to our business over the last six years.”
Fernandez started as CFO of the Americas gaming business for Aristocrat in 2019 and was named CEO in 2022. The company noted that his relevant contractual obligations include a 12-month non-compete obligation. That will likely expire shortly after the Apollo acquisition is finalised.
Under the terms of the Apollo deal, Everi stockholders will receive $14.25 per share in cash. The share price is a 56% premium over Everi’s July 25 closing share price. IGT will receive $4.05 billion in gross cash proceeds for IGT Gaming. IGT expects significant portions of the cash proceeds to be used to repay debt and to be returned to shareholders.
