Aristocrat Non-Executive Director Steve Morro Steps Down

Australia’s ASX-listed gaming technology group Aristocrat Leisure has announced that the company will step down from its non-executive director Steve Morro.

The news was reported in the company’s 2019 annual report for the financial year ended September 30, 2019, where the technology community acknowledged a “strong performance over the 2019 fiscal year.” They welcomed Morro’s contribution to Aristrocrat’s growth in a joint statement released by Aristocrat Chairman Neil Chatfield and CEO of the company and MD Trevor Croker.

They said: “After more than a decade of service, Mr Steve Morro has confirmed his intention to retire as a Director of Aristocrat at the conclusion of the forthcoming AGM. Steve has made an outstanding contribution to both the Board and the business, including through its turnaround years and subsequent growth.

“Steve has brought deep US market and global gaming industry expertise to the Board’s deliberations, which we value greatly. We are particularly pleased therefore that Steve has agreed to continue his long association with Aristocrat post his retirement, as a consultant to management.

“As a consequence of Steve’s retirement, Mr Pat Ramsay will assume the role of lead US director, and the Board is prioritising its US based director recruitment.”

Aristocrat announced a 20.2 percent increase in EBITDA from AU$1,328.6 million to AU$1,596.8 million in its full year annual report, while sales have rose from AU$3,509.5 million in 2018 to AU$4,397.4 million.

The statement continued: “We’re pleased to report that Aristocrat delivered strong performance over the 2019 fiscal year, further extending the business’ trajectory of consistent and high-quality growth with a record profit of $894.4m1.

“Group revenue increased almost 23% and 15% in reported terms and in constant currency respectively, to a fresh all-time high of $4.4 billion. This performance was driven by continued strong operational momentum across both land based and digital businesses.

“Aristocrat’s key Americas, ANZ and digital operations all grew, off the back of increased and targeted investment in competitive product portfolios, particularly in terms of design and development (D&D) and digital marketing (user acquisition).

“In 2020, the business is expecting to be able to include more information on energy, and diversity and inclusion, in line with our progress and shareholders’ interest in these important issues.”