Former Harrah's C.E.O. Joins IGT

28 January 2009

International Game Technology's board of directors has elected Phil Satre, 59, former Harrah's Entertainment Inc. chairman and chief executive, to sever as its director, the company announced on Wednesday.

“To add a director of Phil's caliber, who brings valuable related gaming industry knowledge as well as broad business and board service experience, is a great plus for our company,” said Thomas J. Matthews, the company's chairman and chief executive, in a prepared statement.

This news comes after the gaming supplier's outlook was cut by Moody's Investors Service. According to the Associated Press, the rating was lowered because of a decrease in sales and gaming demand.

Last week the company posted weak first-quarter results, which showed profits were down by 42 percent.

Mr. Satre, who retired as Harrah's chairman in 2005, will join the company's board effective upon regulatory approval.