Key Takeaways
- Andy Rubenstein, founder and CEO of Accel Entertainment, has been named chairman of the company’s Board of Directors.
- Mark Phelan, President of U.S. Gaming, has been appointed chief operating officer and will succeed Rubenstein as CEO and president, effective August 7.
- Karl Peterson has been appointed as the lead independent director of the Accel board.
- The leadership changes reflect the board’s long-term commitment to strong corporate governance and a leadership succession strategy.
- Accel Entertainment is a leading provider of locals-focused gaming and operates over 28,000 electronic gaming terminals in ten states.
Introduction to Leadership Changes
Accel Entertainment, a distributed-gaming operator, announced significant leadership changes on Monday. The company’s founder and CEO, Andy Rubenstein, has been named chairman of the Board of Directors, while Mark Phelan, President of U.S. Gaming, has been appointed chief operating officer. Phelan will succeed Rubenstein as both CEO and president, effective August 7, and is also expected to join the Accel Board at that time. These changes are part of the company’s long-term commitment to strong corporate governance and a leadership succession strategy.
Background on Accel Entertainment
Accel Entertainment is a leading provider of locals-focused gaming and one of the largest terminal operators in the United States. The company operates over 28,000 electronic gaming terminals in more than 4,600 third-party local and regional establishments and 20 self-operated gaming locations across ten states. Through exclusive long-term contracts, Accel serves licensed non-casino locations, including bars, restaurants, convenience stores, truck stops, gaming cafes, and fraternal and veteran establishments. Additionally, the company owns and operates a racino venue. With a strong foundation and a deep bench of talent, Accel has grown into a public company that is a leader in the route-gaming industry.
Reasoning Behind Leadership Changes
The board’s decision to appoint Phelan as CEO and president is a result of careful consideration and discussions with Rubenstein. The board believes that now is the right time to effect this transition, as the company continues to grow and evolve into a scaled, multi-state enterprise. Rubenstein’s new role as chairman will allow him to leverage his longstanding local and industry relationships and regulatory experience to help further position Accel to capitalize on promising growth opportunities, including expanding into the Chicago VGT market. Phelan, with his deep understanding of the distributed-gaming business and demonstrated record of effective execution, is well-equipped to lead Accel with a continued focus on disciplined execution and operational consistency.
New Leadership and Future Plans
As CEO and president, Phelan will lead Accel with a focus on improving the experience for location owners and players, driving consistent performance across markets, operating with discipline, identifying and capitalizing on growth opportunities, and working to create long-term value for shareholders. Phelan has expressed his honor at being selected to lead Accel and has emphasized the importance of execution, accountability, and long-term value creation. With a strong foundation, long-standing partnerships, and a culture built on accountability, Accel is well-positioned for continued growth and success under Phelan’s leadership.
Conclusion and Future Outlook
In conclusion, the leadership changes at Accel Entertainment reflect the company’s commitment to strong corporate governance and a leadership succession strategy. With Rubenstein as chairman and Phelan as CEO and president, Accel is well-positioned for continued growth and success. The company’s strong foundation, long-standing partnerships, and culture built on accountability will serve as a solid base for Phelan’s leadership. As Accel continues to evolve and expand into new markets, the company is poised to capitalize on promising growth opportunities and create long-term value for shareholders. With a deep bench of talent and a strong leadership team, Accel Entertainment is expected to remain a leading provider of locals-focused gaming in the United States.
