Lawrence Levy Resigns as Ainsworth’s CEO, Harald Neumann Steps In

Ainsworth Game Technology Ltd, the slot machine manufacturer based in Australia, has just announced that Lawrence Levy, its chief executive, will step down from his role. The decision is effective on Friday, September 10, and Harald Neumann will take over in October. Levy has served as the CEO of Ainsworth since July 2019.

Harald Neumann Will Replace Levy Starting October 1

In a filing made today, Levy has advised Ainsworth that he will resign from his role and that the decision will be effective on Friday. In the company’s same statement, it was also announced that Harald Neumann will be his replacement and that he will be the new CEO, starting from October 1. The company, which was recently acquired by GAN, stated that his appointment is subject to regulatory approvals, as well as contractual detail completion.

The chief financial officer of Ainsworth, Mark Ludski, will act as the temporary CEO until Neumann’s appointment is in effect. This decision comes with the purpose of ensuring that the company is led in the right direction and that it has continuity in its leadership.

Neumann has been working as Ainsworth’s director since February 2017. At the present time, he will remain in his current position and albeit in the new position on October 1, as the Australian Securities Exchange filing states. Previously, Neumann worked as the CEO of Novomatic AG, a gaming equipment and operator company based in Austria. The Novomatic group is Ainsworth’s controlling shareholder and Neumann stepped down from that position in February 2020.

A New Era for Ainsworth

Danny Gladstone, the chairman of Ainsworth, thanked Lawrence on behalf of the board and stated that Lawrence has personal reasons to resign and the company wishes him the very best. He also added that the company has been fortunate enough to appoint Neumann as the new CEO.

The company concluded that Neumann will bring tons of knowledge and experience to his role as he has a thorough understanding of how Ainsworth works and because he has been extremely successful as the CEO of Novomatic and director of Ainsworth.

Neumann will be based in Las Vegas, as explained by Gladstone, where he’ll lead the company towards recovery and growth. Last month, the slot machine maker reported a full-year loss after tax of $38.7 million (AU$53.4 million). That was up from the year loss in 2020, which was around $36,983,820 (AU$50.1 million).

In a filling, Ainsworth noted that the main reason behind the financial performance of the company in the year to June 30 was COVID-19. During this period, it recorded one-off non-cash impairment charges. However, Ainsworth stated that it saw a recovery in the financial year’s second half.