SNAI CEO stands down as Cogetech merger nears
Giorgio Sandi resigns as chief executive with Cogetech CEO Fabio Schiavolin to take on role for enlarged firm
SNAI chief executive and chairman Giorgio Sandi has resigned from both roles with immediate effect ahead of the Italian gaming giant’s merger with Cogetech parent company Cogemat Group.
The two firms, which reached agreement on the 225m merger back in May, today set out an integration timetable scheduled to complete in October, at which point Cogemat CEO Fabio Schiavolin will assume responsibility for the combined firm.
In the meantime, SNAI board member Gabriele Del Torchio will take on the day-to-day running of the business from an interim managing director role. Following the handover to Schiavolin, Del Torchio will become executive chairman.
In a statement SNAI thanked Sandi, who joined the company in 2012, for leading the firm in what it described as a “very complicated market sector” and for helping to strike a deal with Cogemat, efforts which it said would see Sandi rewarded with a 900,000 pay-off.
Cogemat shareholders will be awarded a 38% stake in the enlarged SNAI Group in a deal which values Cogemat at around 145m, while SNAI will also take on Cogemat’s 80m of debt.
Sandi, who upon his departure also agreed a three-month non-compete clause, recently said the merger would, among other things, provide a boost to its relatively small digital operation.
Cogemat is primarily a land-based VLT and slots-based outfit although it also operates online sports, poker and casino website iziplay.it, as well as a payments services division.