PLAYSTUDIOS names new COO, updates executive compensation

PLAYSTUDIOS, Inc. (NASDAQ:MYPS), a prepackaged software services company currently trading at $1.86 per share, announced the appointment of Robert L. Oseland as the new Chief Operating Officer, effective immediately. According to InvestingPro analysis, the company appears undervalued based on its Fair Value metrics, with a strong financial health score. Oseland, who has been with the company since 2019, will report directly to CEO Andrew Pascal.

Oseland, 58, brings over 30 years of experience in the gaming and hospitality industries to his new role. He previously managed the Company’s playAWARDS division and served as Portfolio President of the Americas. His prior experience includes senior executive roles at Paragon Gaming and Wynn Resorts (NASDAQ:WYNN), Ltd.

In conjunction with his appointment, PLAYSTUDIOS’ Compensation Committee approved an increase in Oseland’s base salary to $400,000 annually. He will also be eligible for an annual discretionary cash bonus and was granted 250,000 restricted stock units (RSUs) and 716,666 performance stock units (PSUs). These equity awards are in addition to those he received in previous positions within the company.

The RSUs are set to vest on January 15, 2028, contingent upon Oseland’s continued employment. The PSUs will vest in increments over three years—on February 28 of 2026, 2027, and 2028—based on the company’s achievement of certain financial performance targets and Oseland’s ongoing employment.

Oseland is also eligible for healthcare and other benefits available to PLAYSTUDIOS’ salaried U.S. employees. There are no disclosed familial relationships between Oseland and other company executives or directors, nor are there any transactions involving Oseland that would require disclosure under SEC regulations.

This executive movement and compensation update comes as part of the company’s ongoing efforts to strengthen its leadership and align executive incentives with performance goals. The timing appears strategic, as InvestingPro data shows PLAYSTUDIOS maintains a healthy balance sheet with more cash than debt and analysts expect net income growth this year. The company’s strong financial position is reflected in its current ratio of 4.16, indicating robust liquidity. For deeper insights into PLAYSTUDIOS’ financial health and growth prospects, investors can access the comprehensive Pro Research Report, available exclusively on InvestingPro, which covers over 1,400 US stocks with detailed analysis and actionable intelligence.

In other recent news, PlayStudios has reported mixed third-quarter earnings with revenues decreasing by 6% to $71.2 million, while adjusted EBITDA increased 8% to $14.6 million. Amid this, the company has announced a significant restructuring plan, including a 30% workforce reduction and the suspension of certain games, which is expected to save $25-30 million annually. PlayStudios has also been given a reiterated Outperform rating and a $3.00 price target from Macquarie, which has adjusted its revenue forecasts for 2025 and 2026 downward but slightly increased EBITDA estimates.

In addition to these developments, the company is exploring merger and acquisition opportunities, supported by over $100 million in net cash. PlayStudios is also entering the sweepstakes casino market, planning to launch an initial offering in the first half of 2025. Macquarie has not included potential gains from this new initiative in its current projections, pending more details in the next earnings call.

These recent developments come as PlayStudios is actively seeking to enhance performance and stabilize its social casino portfolio, despite facing industry pressures and performance concerns with some of its games. However, the company remains optimistic about future results following the restructuring and portfolio optimization.

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