IGT board fight gets uglier

The ongoing proxy fight over the future composition of the International Game Technology (IGT) board of directors moved into higher gear with a communication from The Ader Group addressed to IGT Shareholders which was titled “Change is overdue. Demand an end to under-performance now – Vote Gold for better representation on IGT’s Board of Directors!”

The communication, also distributed in the form of a press release, lays out The Ader Group’s concerns and recommendations over the future direction of the company and urges shareholders to sign and return an enclosed GOLD proxy card.

The missive takes a strong swipe at what it deems “IGT’s management history of overpriced, non-core acquisitions and poor capital decisions” and a “dearth of casino gaming expertise and financial discipline at the IGT Board and executive management level.
It goes on to extol the virtues of its nominees and attempts to discredit the credentials of IGT’s incumbent chief executive officer Patti Hart citing examples throughout her career.

The Annual Meeting of Stockholders scheduled for March 5, 2013 is sure to be followed with keen interest.