Australian gaming machine developer, Ainsworth Game Technology Limited, has announced that Danny Gladstone (pictured) will be stepping down as its Chief Executive Officer from next summer after over twelve years in the role.

Successor search underway:

The Sydney-headquartered firm used an official Monday press release (pdf) to explain that it has already begun looking for a suitable candidate to replace Gladstone from June although its current boss is set to remain in his post until this ultimate successor is named.

Substantial experience:

Gladstone has over 40 years of industry experience including a decade-long spell as a director for Konami Australia and he was appointed as the Chief Executive Officer for Ainsworth in February of 2007. He subsequently helped to guide the firm through the 2016 deal that saw Austrian rival Novomatic purchase a controlling 52.52% stake while his latest decision follows the February departure of Mike Dreitzer as President for the developer’s Las Vegas-based subsidiary.

Gladstone has been an ‘excellent’:

Graeme Campbell, Chairman for Ainsworth, declared that Gladstone has been ‘excellent’ in his current role and is to stay on in an as yet unidentified role after stepping aside so that the company may take advantage of his extensive industry expertise and experience.

Campbell’s statement read…

“He has successfully driven significant international expansion and growth in recurring revenues. Ainsworth Game Technology Limited is much stronger for Danny’s contribution. We are delighted he will continue to assist us in the future. A thorough and extensive search process will be undertaken to secure a new Chief Executive Officer who can lead Ainsworth Game Technology Limited to the next stages of growth and profitability.”

Decision follows annual financial results:

Gladstone’s decision comes less than a month after the company reported (pdf) that its annual revenues to the end of June had dropped by 5.8% year-on-year to slightly over $192.4 million. Although the Australian developer increased the total number of units on lease during the twelve-month period by some 10% to 5,852 and inked a cornerstone horse racing machine deal in Kentucky, it nevertheless recorded a 15.6% drop in its profit after tax to approximately $23.1 million.