Australia’s top live and online pokies maker Aristocrat Leisure is in the market for a new CFO; Toni Korsanos stepping down.
Aristocrat Leisure Limited is one of Australia’s oldest and most successful companies in the gambling sector. Since 1953, Aristocrat has been building poker machines for the global gaming industry, transitioning into online pokies development with the rise in modern, digital technology.
Its success has been based on two major factors. Aristocrat has always maintained a customer-centric focus, pioneering innovative ideas and technologies for more than six decades. It’s also upheld the highest standards in the hiring of executive team members who know the business, and strive to sustain an upward march in market share.
In 2014, Aristocrat made a strategic move to purchase Video Gaming Technologies Inc. for US $1.28 billion in cash. The bold acquisition of VGT was huge for Aristocrat, opening an immense door to the US market.
At that time, Aristocrat was responsible for the installment of only 8,200 poker machines—or slot machines, as North Americans call them—on US soil. VGT, on the other hand, has a multitude of contracts with Native American casinos, representing 20,200 Class II and Class III machines. Thus the acquisition increased Aristocrat’s foothold in the US market to 28,400 machines; a 71% increase for Australia’s top live and online pokies maker.
The Big Move To Las Vegas
With North America now representing a much more significant portion of Aristocrat’s revenue, it was decided that the executive team would be better capable of managing the company from its new US headquarters in Las Vegas, Nevada.
Not everyone was thrilled with the decision, though. Toni Korsanos has been the Chief Financial Officer for Aristocrat Leisure since 2007, and is considered a fundamental asset to the company. But she felt picking up her life and moving 12,400 kilometers (7.7k miles) across the world wasn’t in her, or her family’s, best interest.
In a press release this week, Aristocrat Leisure announced that, after a decade of superior service, CFO Korsanos is stepping down from her position. That information was, in turn, followed up with the announcement that Aristocrat is seeking some rather large feet to fill her shoes.
Live & Online Pokies Firm Seeking CFO
On Tuesday, the Australian live and online pokies giant published an update on ASX, announcing the Chief Financial Officer Transition. The document confirms that CEO Trevor Croker, who replaced former CEO and Managing Director James Odell earlier this year, will be moving to the new office in Las Vegas later this year.
With the goal being to relocate the entire executive team, CFO and Company Secretary Toni Korsanos’s reluctance to move to Las Vegas “for family reasons”, has left the live and online pokies firm seeking another executive replacement.
Aristocrat CFO Toni Korsanos (right) with former CEO Jamie Odell (left)
“As a result, Aristocrat has commenced a comprehensive global search for Mrs. Korsanos’s succesor,” reads the statement.
Fond Farewell From Aristocrat CEO
Chief Executive Croker commented on the impending loss of “an outstanding CFO… who has been instrumental to Aristocrat’s turnaround and growth” for the last ten years.
“I deeply regret but fully respect Toni’s decision not to relocate, and to instead embrace new challenges,” said Croker. “I look forward to continuing to work closely with Toni in the months ahead, as we prepare for this important transition and maintain full momentum in executing Aristocrat’s ambitious growth strategy.”