IGT Stockholders Elect 1 Outsider To Board

By: Associated Press Email
By: Associated Press Email

LAS VEGAS (AP) - Shareholders have elected the nominee of a group of dissident investors to the board of International Game Technology, the world's largest slot-machine maker.

Shareholders also re-elected seven existing board members during the company's annual meeting in Las Vegas Tuesday.

IGT has been embroiled for weeks in a proxy fight over the company's direction and the fate of three seats on its eight-person board.

Dissident shareholders, led by investor Jason Ader, charged IGT with neglecting its core business and over-spending on Internet acquisitions. They demanded a shake-up and proposed three new board members.

Chairman Philip Satre argued that the company must invest online to attract young people unlikely to spend time at casinos.

On Tuesday, shareholders replaced board member David Roberson with outsider Daniel Silvers. Both sides called it a victory.

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