Update: IGT Shareholders Meeting Held, Only One Ader Challenger Voted In
However, considering that the challengers from Ader managed to get just one director, Daniel B. Silvers, appointed to the board, things may remain on less than friendly terms.
Be as it may, with the shareholders’ decision, the current management stays in control of the company, with seven re-appointed directors.
"The Board and management team would like to thank our shareholders for participating in this process. They have communicated to us directly their strong support and enthusiasm for IGT's management team,” said chairman Philip G. Satre in an IGT statement, adding:
“Shareholders clearly appreciate the success of our strategy to drive growth in our North American market, expand internationally and build our interactive business, while at the same time prudently returning significant capital to shareholders.
"On behalf of the entire Board, Patti Hart [CEO] and I would like to thank David Roberson, who was not reelected, for his many contributions to the company.
"I'd also like to take this opportunity to welcome Mr. Silvers to the Board. We look forward to working with Mr. Silvers toward our mutual goal of delivering value for all IGT shareholders."
According to the statement, around 80 percent of the 265 million shares outstanding were voted at the meeting.
The following are the shares voted for the re-election of IGT's nominees:
•Paget L. Alves – 93 million votes;
•Janice Chaffin – 203 million votes;
•Greg Creed – 203 million votes;
•Patti S. Hart – 203 million votes;
•Robert J. Miller – 203 million votes;
•David E. Roberson – 84 million votes;
•Vincent L. Sadusky – 92 million votes; and
•Philip G. Satre – 203 million votes.
As for the nominees of the Ader Group, they received the following approximate 'for' vote totals:
•Raymond J. Brooks, Jr. – 32 million votes;
•Charles N. Mathewson – 29 million votes; and
•Daniel B. Silvers – 112 million votes.
In addition, the annual IGT shareholders’ meeting also voted on other three proposals on the ballot, casting the following votes, according to the statement:
“183 million shares, or 93 percent of shares voting, were for the amendment of company's 2002 Stock Incentive Plan, compared to 13 million shares against;
“178 million shares, or 96 percent of shares voting, were 'for' the company in its 2013 Say-on-Pay vote, compared to 7 million shares against; and
“208 million shares, or 99 percent of shares voting, were 'for' the appointment of PricewaterhouseCoopers LLP as the Company's independent registered public accounting firm for the 2013 fiscal year, compared to 2 million shares against.
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