Light & Wonder names Nathan Drane as Chief Product Officer

LAS VEGAS - Light & Wonder, Inc. (NASDAQ:LNW), a leader in cross-platform global games, today announced the appointment of Nathan Drane as the new Chief Product Officer (CPO) of the entire enterprise. Drane, who previously served as the CPO of the company’s Gaming division, will now oversee all game creation across Light & Wonder’s various branches.

Drane’s promotion is a strategic move by Light & Wonder, aiming to unify the game development process under a single department. The company’s President and CEO, Matt Wilson, expressed confidence in Drane’s ability to lead and execute a cohesive content strategy that is expected to drive the company’s growth in the foreseeable future.

With a background that includes over a decade of experience in product-centric roles within the industry, Drane’s expanded responsibilities will include implementing a data-driven development approach and fostering talent growth within the company. He will also focus on streamlining the game-creation process to enhance efficiency.

In his statement, Drane shared his enthusiasm for the new role, emphasizing the formation of a centralized content organization to support Light & Wonder’s global strategy. He highlighted the opportunity this structure presents for making informed development decisions and expanding the company’s reach across various markets and platforms.

Rich Schneider, who formerly held the position of Chief Product Officer at Light & Wonder, will continue to influence the company’s product innovation and strategy in his new role as Senior Advisor.

Light & Wonder prides itself on creating immersive gaming content that connects with players on multiple platforms. The company is known for its commitment to integrity, responsible gaming, and sustainable practices.

This executive shift reflects Light & Wonder’s ongoing efforts to strengthen its position in the global gaming market. The announcement is based on a press release statement issued by the company.

In other recent news, Light & Wonder, Inc. has secured a $1 billion revolving credit facility, replacing its previous $750 million credit line. This move, facilitated by JPMorgan Chase (NYSE:JPM) Bank, is expected to enhance the company’s financial flexibility. In other developments, the company emerged victorious in a legal dispute in Australia, a ruling that has instilled confidence in its ability to navigate legal challenges. This was reflected in the maintained Buy ratings from Benchmark and Jefferies analysts, with price targets of $114.00 and $121.00 respectively. Analysts from both firms expressed optimism about Light & Wonder’s future prospects, citing its strategic initiatives, robust content pipeline, and disciplined approach to growth. The company is also expected to meet its Q4 guidance and is on track to reach its 2025 Adjusted EBITDA goals. These recent developments reflect Light & Wonder’s commitment to maintaining a solid financial foundation and focusing on its strategic growth plans.

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