NEW YORK (AP) -- Scientific Games, which completed a $1.42 billion acquisition in October, on Tuesday named David Kennedy as its new CEO and billionaire Ron Perelman as chairman of the company.
The company said Kennedy, 66, is replacing Lorne Weil as CEO effective immediately. Weil had been chairman of Scientific Games since 1991 and was CEO from 1992 to 2008 and he returned to the role in November 2010. Scientific Games did not say why Weil stepped down.
Kennedy is a former chief administrative officer of the company and he has been on the board since October 2009. Perelman has been on the board since 2003, and his investment firm, MacAndrews & Forbes Holdings, is the largest shareholder in Scientific Games Corp.
In October Scientific Games completed its purchase of gambling equipment maker WMS Industries.
Scientific Games Corp. sells instant-win lottery tickets, video slot machines and other gambling systems. In October it bought WMS Industries for $1.42 billion, or $26 per share. Scientific Games had said Weil would remain chairman and CEO of the combined company.
Shares of Scientific Games declined 72 cents, or 1 percent, to $17.52 in morning trading.