LNW - Why Light & Wonder Stock Went Dark This Week
Light & Wonder (NASDAQ: LNW) , the digital gaming platform developer previously known as Scientific Games, had a bad turn at the roulette wheel this week. Across the five trading days, the company's stock lost more than 11% of its value, according to data compiled by S&P Global Market Intelligence -- but that isn't an unusual occurrence when a leader steps down.
On Tuesday, Light & Wonder announced a "leadership transition," which is usually corporate-speak for "top manager departing the company."
Sure enough, this pronouncement revealed that CEO Barry Cottle has stepped down, vacating both that post and his seat on the board of directors. The new interim CEO is company insider Matt Wilson, who is also its group chief executive of gaming and executive vice president. He will continue in these roles while serving as stopgap CEO.
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Why Light & Wonder Stock Went Dark This Week