International Game Technology, also known as IGT, the software developer behind major online casinos in the industry such as Mr. Green Casino, seems to be leading a feud with its previous Chairman and CEO, Charles Mathewson. The feud is concerned with the board of directors’ composition.
Charles Mathewson left IGT almost ten years ago and he is now leading a group of the company’s shareholders, this group is nominating 4 people to become a part of the board of directors. Such nomination is not perceived well by the company who already has their own candidates for these positions on the board of directors.
Charles Mathewson is one of the four Americans who were nominated by Ader Investment Management LP. The feud between Charles Mathewson and IGT escalated which highlights the strained relationship between him and the company. IGT also recommended that the nominations of Ader Investment to be refused.
The grounds for such recommendation were stated by IGT. The statement alleged that IGT has given Charles Mathewson and the shareholders who are supporting him numerous chances to present the company with plans that aim to increase the shareholder value. Despite these chances, IGT claims that they have not suggested or offered any plans or changes to the existing strategy of the company that would benefit the shareholders.
IGT also defended its nominations for the board of directors by saying that the board of IGT includes professionals with experience who know everything that needs to be known about IGT and gaming.