Ainsworth Game Technology Limited has announced that Danny Gladstone will be stepping down as its Chief Executive Officer after over twelve years in the role.

The news was issued in a press release last week and said Gladstone will finish as CEO on June 30th next year while Ainsworth searches for a new chief executive. Following an appointment of a new CEO, Gladstone will continue with AGT in a different role to utilise his extensive industry experience and expertise.

Gladstone has over 40 years of industry experience including a decade-long spell as a director for Konami Australia and he was appointed as the Chief Executive Officer for Ainsworth in February 2007. He was inducted to the CMAA Hall of Fame in 2000 and in 2013 he was named CEO of the year by Boss Magazine. Gladstone helped to guide the firm through the 2016 deal that saw Austrian rival Novomatic purchase a controlling 52.52% stake.

Ainsworth Chairman Graeme Campbell said “He has successfully driven significant international expansion and growth in recurring revenues. Ainsworth Game Technology Limited is much stronger for Danny’s contribution. We are delighted he will continue to assist us in the future. A thorough and extensive search process will be undertaken to secure a new Chief Executive Officer who can lead Ainsworth Game Technology Limited to the next stages of growth and profitability.”

Gladstone’s decision comes less than a month after the company reported that its annual revenues to the end of June had dropped by 5.8% year-on-year to slightly over $266.3 million. Although the company increased the total number of units on lease during the twelve-month period by some 10% to 5,852 and inked a cornerstone horse racing machine deal in Kentucky, it nevertheless recorded a 15.6% drop in its profit after tax to approximately $31.9 million.