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The world’s second largest manufacturer of slot machines has made a change in its top operations.  Paul O’Neile stepped down in September from the positions of managing director and chief executive officer of Aristocrat Leisure Ltd.  The new managing director and CEO is Jamie Odell.  O’Neile was not supposed to leave office until the end of the year but choose to step down a full three month early.

Prior to his new position, Odell was formerly the managing director of Foster’s Group Ltd.  Odell was in charge of slot machines for Australia, Asia, and the Pacific. Odell will not officially assume his position until the February 1, 2009.  

The Sydney based manufacture has had trouble finding new customers for its slot machines since the United States, it largest market, entered a recession.  Casinos have seen a steady decline in revenues, even at their slot machines, for almost every month in 2008.  Guests are visiting land based casinos less and less job losses and falling home values continue to rise. 

According to a statement made by Aristocrat to the stock exchange, Odell will look forward to an annualized salary of $859,000 – which translates to 1.25 million in Australian dollars.  If he is able to achieve financial targets set by the company he will receive a bonus ranging from 50 to 100 percent of his salary. 

International Game Technology is the world leader in manufacturing slot machines.  IGT is based in Reno, Nevada.  Both IGT and Aristocrat compete with WMS Industries Inc. and Bally Technologies Inc.

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