Malcolm Steinberg is to step down as CEO of the company he founded, LAI Group, and is to hand over the reins of the business to his son Adam, current group director and Embed CEO.
Steinberg (pictured) established the LAI Group in 1958 and it now comprises Timezone entertainment centres, LAI Games amusement machine sales, payment and systems specialist Embed and The Locker Network locker supply and operations.
Having held the role of LAI Group CEO since its inception, Steinberg has overseen the company’s growth to include more than 2,300 staff and combined sales exceeding $130m. He will continue in the role of non-executive chairman of the LAI Group board.
“Since founding the group back in 1958 and after more than 55 years at the helm, I am justly proud of the incredible businesses the LAI team have been able to create under the banner of the LAI Group,” said Malcolm Steinberg. “In almost every industry segment and market that we serve we have become number one through a lot of hard work and a spirit of wanting to be the best.
“The future also looks very bright and there are many opportunities to take our businesses to the next level and so I feel that the time is right for me to step down from my executive role and hand over to the next generation of management who will take us forward.”
Adam Steinberg has been with the group since 1991 and has filled various roles within its corporate structure. He has been CEO of Embed for the past 12 years and will, for the time being, act as CEO of both LAI Group and Embed.
“I have some extraordinarily large shoes to fill but I am excited about the big growth opportunities that exist across all the LAI Group businesses and I will be working closely with the talented management teams of each business to maximise those opportunities,” he said.
A new Embed CEO will be appointed in due course.
