Fernandez Resigns as Aristocrat CEO to Lead IGT-Everi Venture

Hector Fernandez has stepped down as CEO of Aristocrat Gaming to become the CEO of the combined gaming enterprise formed through Apollo Global Management’s acquisition of IGT’s gaming division and Everi Holdings.

Leadership Transition Announced
Aristocrat and Apollo Global Management simultaneously confirmed the news on 5 December through separate statements. Apollo disclosed Fernandez’s appointment, while Aristocrat announced his departure without specifying the competitor he would join.

The combined IGT-Everi entity emerges from a deal struck in July, where Apollo funds agreed to acquire IGT’s gaming and digital businesses and Everi Holdings in an all-cash transaction valued at approximately $6.3 billion. The merger is expected to close by Q3 2025, following formal shareholder approval by Everi Holdings earlier this month.

Apollo’s Vision for Growth
Apollo’s statement highlighted Fernandez’s extensive experience in technology and gaming:
“Mr. Fernandez brings a clear track record of success across technology and gaming, as well as deep strategic and financial expertise. His diverse background positions him well to integrate and lead two highly complementary gaming platforms, with a focus on growth, product innovation, and content generation.”

New Leadership at Aristocrat
Craig Toner, Aristocrat’s gaming CFO, has been promoted to replace Fernandez effective immediately. With over seven years at Aristocrat and nearly two decades at Australian beverage company Lion, Toner is expected to ensure continuity.
“Craig will ensure a seamless leadership transition, maintaining a relentless customer focus and continuing to execute our plans,” said Trevor Croker, CEO of Aristocrat Leisure Limited.

Fernandez joined Aristocrat in 2019 as CFO for the Americas gaming business and was promoted to CEO in 2022. Under his contractual obligations, he faces a 12-month non-compete clause, likely expiring after Apollo’s acquisition closes.

Transaction Details
Apollo’s acquisition terms include a cash payout of $14.25 per share for Everi stockholders, representing a 56% premium over the stock’s closing price on 25 July. IGT is set to receive $4.05 billion in gross cash proceeds, which will primarily be used to repay debt and return value to shareholders.

• Leadership Change: Hector Fernandez will helm Apollo’s new gaming entity.
• Strategic Transition: Craig Toner steps up as Aristocrat Gaming CEO.
• Financial Impact: Apollo’s $6.3 billion acquisition aims to strengthen IGT and Everi’s market position.

The merger represents a significant shift in the gaming industry, with potential ripple effects as these leading companies integrate their platforms.