Bally’s Appoints A New CFO – C-Suite Transitions

When we first started tracking C-suite transitions on InsideArbitrage, little did I realize that instead of being the exception, sudden departures would be relatively common. I was surprised that we had 11 sudden executive departures in each of the two prior weeks but the frequency went up even more last week with 14 executives suddenly calling it quits. In one instance, the company laid off 80% of its workforce, including the CFO.

This week we decided to focus on the casino and online gambling operator Bally’s Corporation (BALY), not only because the CFO decided to leave just a little over a year after taking the role but also because the CEO left at the end of March. When I look at the company, two words come to mind: capital mismanagement. A misguided stock buyback program and a string of acquisitions left the company with a highly leveraged balance sheet.

Bally’s also refused a generous $38 per share offer from Standard General last May. The company had been reporting a string of losses and some of those losses were likely the result of write-offs related to ill-advised acquisitions.

Welcome to edition 40 of C-Suite Transitions, a weekly series on InsideArbitrage that tracks appointments and departures at publicly traded companies during the prior week. We highlight five appointments and departures each week by picking the largest companies from the full list of management changes.

Sudden Departures

1. Baxter International (BAX): On May 4, 2023, James K. Saccaro notified the company of his decision to resign as Executive Vice President and Chief Financial Officer, effective May 31, 2023, to join a company in the healthcare industry.
2. Commercial Vehicle Group (CVGI): On May 8, 2023, Harold C. Bevis notified Commercial Vehicle Group of his intention to resign as President and Chief Executive Officer of the Company and as a member of the Company’s Board of Directors effective May 19, 2023.
3. Syndax Pharmaceuticals  (SNDX): Alexander Nolte resigned from his positions as the company’s Vice President, Chief Accounting Officer, and Principal Accounting Officer effective May 5, 2023, in order to pursue another opportunity.

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