International Game Technology (IGT) has announced that Alberto Fornaro is to step down as its chief financial officer, with Timothy Rishton set to take on the role on an interim basis.
Also an executive vice president at the supplier, Fornaro will remain with the business until January 31, 2020, after which he will exit in order to pursue other professional opportunities.
Fornaro has served in his current role at IGT since 2013, prior to which he was chief financial officer of GTECH for two years before its merger with IGT.
“It has been a great honor to serve as IGT CFO and to participate in the company’s success during the last eight years,” Fornaro said. “With the recent completion of important refinancing activity and a strong finance organization in place, it is the right time for me to move on to a new challenge.”
IGT chief executive Marco Sala added: “I would like to thank Alberto, both personally and on behalf of the IGT board of directors, for his leadership and outstanding contribution during the last eight years as CFO of first GTECH and later IGT.
“Alberto played a significant role in improving our financial and operational performance, including helping to secure large, strategically important contracts for the next several years. We look forward to an orderly and seamless transition of his responsibilities, and wish him well in his future endeavors.”
Rishton, currently senior vice president and chief accounting officer at IGT, will step in as interim CFO while IGT seeks to appoint a permanent replacement.
During his 24 years with IGT and predecessor GTECH, Rishton held a series of roles including vice president – finance, assistant corporate controller and director of accounting.
Prior to his time with IGT, Rishton served in various roles at golf clothing and equipment manufacturer Acushnet Company and accountancy giant Ernst & Young. He is also a certified public accountant and received a Bachelor of Science in accounting from the University of Rhode Island.
Confirmation of Fornaro’s departure comes after IGT last month revealed a slight decline in revenue of $1.15bn (£886.2m/€1.04bn) for the third quarter of 2016, 0.3% below last year’s figure, but profit increased more than four-fold, as foreign exchange gains more than offset higher operating costs.