Aristocrat Share Prices Plunge as James Odell Announces his Retirement
The share price of Aussie company, Aristocrat Games, witnessed a great slump. This happened after the announcement was made regarding the departure of the chief executive, James Odell. This announcement really shock the ASK Listed company. The decision of James Odell to leave the company and retire could be a very costly one for Aristocrat Gaming. With the market fluctuations that happened following that announcement, not less than $1 billion were wiped from the company's value. This certainly came as shocking news to the shareholders of the company, and the entire gaming industry.
Aristocrat Witnesses Slump in Share Price
The shares of the Aussie poker machine manufacturer dropped by 12% to reach 13.36. This happened right after news that James Odell was retiring. This knocked more than 2 million of his shares. On the other hand, the shares managed to rebound to 14.56 dollars. This means that they became only 44 cents shy from their price before the announcement was made. The company was completely at a loss when it came to explaining that slump in share prices. On the other hand, the company remained confident in its future in the online gaming business.
Ian Blackburne, Aristocrat Games Chairman stated that Jamie Odell will remain in his position for the upcoming month. He also added that he will be focused on leading the business to ensure a seamless transition until he leaves the company for good at February of next year. Ian Blackburne also confirmed that there isn't any other information that would help explain the plunge in the share prices that the company has witnessed. He also added that the company was pretty much an investors' growth stock after it has posted a bumper 1/2 result this last May.
Trevor Croker to Replace Jamie Odell to be Based in the US
The person that is going to replace Jamie Odell and take his position as the chief executive of the company is going to be Trevor Croker. Trevor Croker has stated that he is not going to be based in Australia. This was made clear and confirmed through a company statement that was addressed to the ASX. The statement was that Trevor is going to be relocated to the United States of America. This will happen in the new year in order to replace Jamie Odell and claim the role of the company's CEO.
This was explained as recognition of the fact that the market of North America is responsible for generating the largest revenue for Aristocrat Gaming. It also offers the company some of the most significant strategic business opportunities. So it makes sense for the chief executive to be located in the North American market. Rather than being located in Australia.