Scientific Games Replaces CEO With ‘Cult’ Status, Shares Plunge
- Former Norwegian CEO Kevin Sheehan takes over for Gavin Isaacs
- Sheehan’s lack of gaming-industry experience cited in selloff
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Scientific Games Corp. named former Norwegian Cruise Line Holdings Ltd. Chief Executive Officer Kevin Sheehan to replace gaming-industry veteran Gavin Isaacs as its CEO, a move that sent shares down 16 percent.
Though Sheehan served as CEO of Norwegian for seven years and successfully guided the cruise-line operator through an initial public offering in 2013, his lack of experience in gaming may lead some investors to question his appointment, according to Steven Wieczynski, an analyst at Stifel Nicolaus & Co.