Is Patti Hart Prepared to Step Down as IGT CEO for Jason Ader
Will Patty Hart Step Down From IGT For Team Jason Ader? That is the million dollar – or in this case, potentially multi-million dollar question – being asked as we are about to enter the middle part of February.
Interestingly, the last time Patty Hart of IGT faced a fight, she told Business Week that she needed support or would step down – and she ended up stepping down. One wonders if now while she’s being attacked by owners, shareholders and even customers like Steve Wynn if indeed she will stick around. Many are calling for a change to the IGT management team.
Activist Investor Third Point Daniel S. Loeb was waging a proxy fight – and called for the dismissal of Patti Hart.
And Hart made it clear she would not stick around:
“I decided I would not stand for re-election. When I informed the board, they said, “We understand but can’t imagine this board without you. You’ve been the backbone.” There was never any pressure. I wasn’t going to let my PR department fight a battle that had nothing to do with IGT. The board, in its negotiations with the activist [Loeb], asked for those who weren’t standing for reelection to resign.
“I had no interest in serving in a boardroom with an activist shareholder this nasty to me. I was not a person to him. I was just an obstacle. The most disappointing thing was that we acted as a committee, and when I turned around, my committee wasn’t there. The decision to hire Scott was unanimous. When the public and the media began to paint this as a CEO liar who was hired by a liar, they didn’t come to my defense. Things don’t always go perfect. You have to act as a team.”
At Yahoo influential tech journalist Kara Swisher reported Hart was indeed pushed out -
“Apparently, said sources, her own board asked her to remove herself from the Yahoo mess to better focus on the company she actually runs.”
“Patti Hart — the Yahoo director in charge of the search that resulted in the hiring of Scott Thompson as its CEO, making her directly responsible for a clearly botched vetting of his academic record — will not stand for re-election to the board at the next annual meeting, according to sources close to the situation.”
One wonders if when it comes Game Time Hart will simply let Team Jason Ader have the seats they want and shareholders are demanding.
Gambling911.com has secured an interview with Mr. Ader, to discuss the current state of affairs at IGT and what his next move might be. Ader is being represented by top PR FIRM 5WPR (www.5wpr.com).
- Aaron Goldstein, Gambling911.com
