Vegas Inc – In an abrupt reversal, Bally Technologies CEO Ramesh Srinivasan is being replaced at the helm by the man he replaced less than a year and a half ago — the same one who recruited Srinivasan to the company, no less.
The Las Vegas slot-machine maker said today that Srinivasan, a nine-year company veteran, is leaving Bally and that Dick Haddrill would assume the CEO’s spot May 23.
Haddrill was Bally’s chief executive from 2004 to 2012 and has been chairman of the board since Srinivasan was promoted to CEO. Haddrill will give up the chairman’s seat next week to former Chairman David Robbins.
In a phone interview, Haddrill said the company is “performing well” but is doing a “strategic review” in the wake of last year’s $1.4 billion purchase of local casino supplier Shfl Entertainment.
As a result, the board decided to bump Srinivasan from the CEO’s seat, Haddrill said. He would not elaborate in detail, saying the company has “different needs” at different times, and that what the board wants in a chief executive today is different than when Srinivasan took charge.
Haddrill also said he spoke with Srinivasan about taking another job within the company, but Srinivasan chose to leave.
“At this point, he’s decided to move on,” Haddrill said.
Company spokesman Mike Trask said Srinivasan would “likely be unavailable” to comment.
In a prepared statement, board chairman Robbins thanked Srinivasan for guiding the company through the Shfl buyout and cited Srinivasan’s “exemplary execution” in developing Bally’s casino-management systems business.
