Shuffle Master, Inc. today announced the planned retirement of Mark L. Yoseloff, Ph. D. as the Company's Chief Executive Officer on March 15th of this year and the appointment of Timothy J. Parrott, a gaming industry veteran, as his successor. Parrott joins Shuffle Master as CEO – Elect today, February 2, 2009, and will work with Yoseloff to ensure a smooth and orderly transition. Although Yoseloff does not plan to stand for re-election to the Company’s Board of Directors at the next annual meeting of shareholders, he will remain as a part-time employee for a period of time after March 15th to further guarantee a seamless succession process.
"Since I informed the Board of my intention to retire, we have spent 18 months searching for an individual with both strong leadership skills and a deep knowledge of the gaming industry to oversee the future growth and success of Shuffle Master. I believe that Tim Parrott is just such a person,” said Yoseloff. “Given his proven track record of success and deep gaming expertise, I believe Tim is the clear choice for the future leadership needs of our Company. For the past 12 years, I have committed all of my energies to this Company and am proud of the world-class organization it has become. I have concluded that this is the right time for me to devote more time to my family and charitable activities while Tim and our management team move the Company to the next level.”
Philip C. Peckman, Chairman of the Board of Directors added, “The Board of Directors is very pleased to welcome an individual with such proven talents as Tim Parrott to Shuffle Master. Tim has the right combination of experience and leadership, coupled with a keen understanding of the gaming space, to continue to grow Shuffle Master’s position in the marketplace and further build shareholder value.”
Parrott’s successful career has been devoted to the entertainment industry, predominantly in gaming. In fact, Parrott has been a driving force in the gaming industry with over 20 years of experience in operations, creating and executing successful growth strategies, building strong management teams, property development, acquisitions and public offerings. Parrott served as the President and CEO, Americas of Aristocrat Technologies, Inc. from 2006 until late 2008. From 2001 to 2006, Parrott served as the Chairman and CEO of On Stage Entertainment, a Las Vegas-based production company. Prior to his time at On Stage Entertainment, Parrott served as Chairman and CEO of Boomtown, Inc. from 1988 to 1998. In 1998 Boomtown merged with Pinnacle Entertainment, owner and operator of casinos in Nevada, Louisiana, Indiana, Argentina, and the Bahamas, and Parrott offered his services as a consultant until 2001. Parrott was a founding Board Member of the American Gaming Association (AGA) which was created to represent the casino gaming industry on federal legislative and regulatory issues.
On his appointment as CEO, Parrott said, "Shuffle Master is uniquely positioned for growth due to its exceptional suite of highly innovative and intellectual property-protected products, extraordinary technology, and extremely talented employees. I am excited by the compelling opportunity to lead this Company and to increase profitability for its shareholders. I embrace the challenge of building on the strong momentum that Mark created and continuing the tradition of applying unmatched innovation and ingenuity across today’s global gaming markets.”
"On behalf of the entire Board, I would like to thank Mark Yoseloff for 12 years of dedication and commitment to Shuffle Master, eight of which he served as CEO and the Company’s unwavering leader,” commented Peckman. “Mark's uncompromised enthusiasm for Shuffle Master, his unique perspective on innovation, and highly respected stature in the industry made him an invaluable resource responsible for driving the phenomenal growth of this Company and building substantial shareholder value. Under Mark’s leadership, annual revenues grew from $27 million during his first full year with the Company to $190 million in the most recent fiscal year. We have tremendous respect for Mark and are deeply grateful for his countless contributions to Shuffle Master's evolution over the years."