Shares of Aristocrat Leisure dropped nearly 3% on Friday after the company announced the resignation of Hector Fernandez, CEO of its gaming division, Aristocrat Gaming, to join alternative investment firm Apollo Global Management’s new gaming venture as CEO, according to a report by Reuters.
Aristocrat’s stock fell as much as 2.9% to AUD67.72 during early trading, marking its steepest decline since 25 September, compared to a modest 0.3% dip in the broader ASX 200 index
The report cites an announcement by Aristocrat on Thursday, confirming that Fernandez, who has led Aristocrat Gaming since 2022, will be succeeded by Craig Toner, the division’s current Chief Financial Officer.
Apollo confirmed in a separate statement that Fernandez would take the helm of its newly formed gaming solutions company following the expiration of his non-compete agreement. He is expected to assume the role by the fourth quarter of 2025.
Apollo’s move comes after its private equity arm, Apollo Funds, announced the acquisition of International Game Technology’s gaming and digital business and Everi Holdings in July. The $6.3bn deal is aimed at creating a major competitor in the casino gaming industry.
While Fernandez transitions, Nick Khin, IGT’s President of Global Gaming, will serve as interim CEO of the new entity.
