IGT beefs up management team

Slot machine giant International Game Technology continues to rebuild its executive management team.

The Reno-based company this morning promoted Rich Schneider to executive vice president of product strategy. He had headed the company’s server-based gaming efforts since 2006 and IGT’s systems division since 2004.

The move, according to the company, is aimed at streamlining the company’s operations.

"Rich will integrate IGT systems and games into one organization, a change that is reflective of our realization of the need to converge these two once separate worlds into one unified product offering," IGT Chairman and CEO TJ Matthews said in statement.

Schneider is the second former Acres Gaming executive to move into a more high-level role with IGT, which acquired the gaming technology company in 2003.

Last week, former Acres executive Pat Cavanaugh became IGT’s chief financial officer. Cavanaugh had headed IGT’s investor relations since 2004.

Wall Street had been hoping IGT would beef up its executive team since last year. The company is still without a chief operating officer, a position Matthews has assumed along with his other duties since the fall.

IGT has been going through an internal restructuring, seeking to remove more than $100 million in annual expenses.