Australia-listed slot machine maker and online gaming content provider Aristocrat Leisure said that Chief Technology Officer (CTO) Andy Hendrickson has resigned, “and accepted a role at a competitor”.
“Aristocrat has put in place interim leadership arrangements to ensure continuity while a rigorous internal and external search for a successor is completed,” stated the . Hendrickson took over as CTO in July 2021 and served in the role for almost four years. The announcement did not specify which competitor Hendrickson is joining. According to the update, Hendrickson is expected to fulfill a six-month notice period.
Trevor Croker, Aristocrat’s chief executive and managing director, said, “We thank Andy for his contribution to our business over the last four years and look forward to announcing his successor in due course.”
Share buy-back program
The company has recently launched a new on-market share buy-back program worth up to AU$750 million ($477 million). The move follows the completion of its previous AU$1.85 billion ($1.18 billion) buy-back in January 2025, reinforcing its capital management strategy.
Aristocrat’s new buy-back program , 2025. It will be funded entirely through the company’s existing cash reserves. This follows the receipt of $600 million from the recent sale of Plarium Global Limited earlier this month. The company stated that the buy-back will be executed opportunistically, allowing it to take advantage of favourable market conditions.
Restructuring of social gaming division
Last month, the company announced a major restructuring of its social gaming division, renaming the former Pixel United segment as Product Madness. This move follows the successful sale of Plarium Global Limited to Modern Times Group, marking a shift in Aristocrat’s focus towards its core strengths in regulated gaming and gaming-themed content. Aristocrat confirmed in an Australian Securities Exchange (ASX) filing on Thursday morning that the sale of Plarium to Modern Times Group has now been finalised.
In addition to the share buy-back, Aristocrat plans to use part of the Plarium sale proceeds to repay its $250 million Term Loan B debt facility. The repayment is expected to be completed by March 2025, significantly ahead of the facility’s May 2029 maturity.
This debt repaying is a part of Aristocrat’s larger financial strategy where it aims for a solid balance sheet while making room for opportunities for future investing. The organisation keeps evaluating avenues of growth through acquisitions and also organic efforts with a view of long-term wealth for shareholders.
