Hector Fernandez to Lead IGT/Everi Business

Hector Fernandez

Following the recent news that Hector Fernandez was stepping down from his role as CEO of Aristocrat Gaming for a competitor, it has now been revealed he is to take the helm of a new gaming giant formed through the merger of IGT’s gaming division and Everi Holdings.

Fernandez is set to become the CEO of a new enterprise created through the acquisition of IGT’s gaming division and Everi Holdings by Apollo Global Management. This announcement came through separate press releases from Apollo and Aristocrat, with Apollo proudly introducing their new leadership choice while Aristocrat confirmed Fernandez’s departure without specifying his destination, however he will no assume his new role until the fourth quarter of 2025 as Fernandez has a 1 year non-compete contract from Aristocrat.

The timing of this announcement is particularly noteworthy, coming just months after IGT and Everi disclosed their agreements to be acquired by a newly formed holding company under Apollo’s management. This all-cash transaction, valuing the combined businesses at approximately $6.3 billion, represents a significant consolidation in the gaming technology sector.

To fully appreciate the significance of Fernandez’s appointment, it’s crucial to understand the merger that preceded it. In July, IGT and Everi announced definitive agreements that would see both companies acquired by a new holding company managed by Apollo Global Management affiliates. The transaction is structured as an all-cash deal, with a combined valuation of approximately $6.3 billion for the acquired businesses.