Casino CFOs Have Worst C-Suite Job Security in Industry According to Survey
Chief financial officers (CFOs) are among the highest-ranking executives at any company, but across a variety of industries, occupants of those roles face get down make up than other high-level executives and real task insecurity. That holds admittedly inwards the gambling casino gaming industry, as well.
That’s according to a recent study past Datarails. Across all industries, CFOs felled seam to the 4th recognize inward terms of executive compensation slow chief executive officers (CEOs), chief technology officers (CTOs), and chief operating officers (COOs).
CEOs have got the highest make up inward the casino C-Suite at $11.3m. CFOs inwards the sector also earn on fair 30% higher than the ordinary crossways other sectors ($4.5m annually) followed by COOs ($3.5m),” according to the search firm.
Datarails analyzed the 2022 and 2023 Securities and Exchange Commission (SEC) filings of publically traded gambling casino companies to formulate the data for executive make up and job security.
MGM Case Study inward CFO Job Security or Lack Thereof
Datarails highlighted MGM Resorts International (NYSE: MGM) as an deterrent example of a gambling casino manipulator with recent unpredictability inwards its CFO role.
“MGM Resorts make got through and through 3 CFOs inwards this time. In 2021 MGM Resorts saw Jonathan Halkyard follow Corey Sanders, himself only prescribed CFO inwards 2019 and lasting only when deuce years in that role,” added the Datarails. “Sanders was preceded by Dan D’Arrigo who left hand MGM as its chief financial ship's officer inward 2019 as part of the company’s moil cost-cutting strategy after to a greater extent than a decade inward the role.”
While Halkyard is upcoming simply his tertiary day of remembrance with MGM, he’s made his front mat up at the Bellagio manipulator as the company has been a devoted purchaser of its shares during his tenure, dramatically reducing its shares undischarged tally.
Other data points confirm there’s some deficiency of task security in beingness a gambling casino gaming CFO.
“When it comes to task tenure, CFOs hold the worst task surety inwards the Casino and Gaming C-Suite lasting only if on mean(a) 3 years out of five years (2018-2022),” observed Datarails. “Second rack up is the CEO lasting 3.2 years come out of quintuplet and GC (3.75). The to the highest degree untroubled roles in the Casino and Gaming C-Suite are chief marketing ship's officer (CMO), COO, and CTO all lasting 5 years come out of a possible five.”
Other High-Profile Casino CFO Moves Aren’t Alarming
Some of the other recent, high-profile gambling casino CFO departures aren’t bad. In fact, they’ve been prescribed for the executives and the companies alike. For example, Saint Patrick Dumont ceded his CFO role at Las Vegas Sands (NYSE: LVS) to become COO and prexy when Rob Goldstein succeeded the belatedly Sheldon Adelson as CEO of the largest casino operator by marketplace value.
Likewise, former Wynn CFO Craig Billings left that role to get CEO 2 years ago. Julie Cameron-Doe, who was already with the company, replaced him in the spinning top financial job.
There were no marquise CFO changes inwards the gaming industry shoemaker's last yr and that’s a positive because such departures, disregardless of industry, give rise electronegative short-term effects on deal prices.
“Stock prices dropped instantly past 1% the following day as markets take up CFO exits, based on 20 high-profile CFO exits in 2023. These companies dropped a farther 2% after 30 years but past 180 years the carry prices had returned to their previous levels,” concluded Datarails.
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