Pinnacle Entertainment (PNK) announced that it has appointed Anthony Sanfilippo as president and chief executive officer, effective immediately subject to regulatory approval. He succeeds John Giovenco, who has served as Pinnacle's interim chief executive officer since November 2009 and will continue to serve on Pinnacle's board. Richard Goeglein, who was named Pinnacle's interim nonexecutive chairman in November 2009, has been appointed to the position of nonexecutive chairman.
Sanfilippo, who has also been appointed to Pinnacle's board of directors, brings more than 25 years of industry experience, including managing and developing gaming operations in diverse jurisdictions including Louisiana, Missouri, Indiana and Nevada. Since June 2008, he has served as president, chief executive and a board member of Multimedia Games Inc. (MGAM). Prior to joining Multimedia Games, Sanfilippo served in executive roles at Harrah's Entertainment, Inc.
In connection with his appointment, Sanfilippo was awarded options to purchase 650,000 shares of Pinnacle's common stock as an inducement for employment. The options vest over five years and have a ten-year term. The exercise price of the options is $8.64 per share.
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