A boardroom battle is taking place at IGT, according to the website Fantini’s Gaming Report.

IGT

A letter has been sent to shareholders by chairman Phil Satre and CEO Patti Hart urging them to re-elect all eight members of the board. Specifically, Satre and Hart want the shareholders to shun the three candidates put up by a coalition of investors headed by Jason Ader.

Satre and Hart attacked former chairman Chuck Matthewson, claiming the company lost 70 per cent of its market cap (equivalent to $6.6bn) on “flawed strategies.” Matthewson is one of the three candidates, together with Raymond Brooks and Daniel Silvers, who, say Satre and Hart, have no gaming industry experience.

The pair extolled the record of the company under their control, which includes a 10 per cent increase in revenue and 12 per cent improvement in share growth; fourth quarter revenues at a four-year high and heavy reinvestment in R&D. The company‘s market share has increased to 37 per cent, a five-year high.