Thursday, Progressive Gaming International Corp.(PGICD), a supplier of integrated casino and jackpot management systems, said that its Chief Executive Officer Russel McMeekin resigned to pursue other opportunities and Terrance Oliver has been named the Interim President and CEO, effective immediately.
The company also said that it would fall short of its previously projected 2008 financial guidance for revenues, adjusted earnings and gross margins.
Oliver, who had earlier served as the Chairman of the Board of Directors, said that in response to the difficult market conditions on the gaming industry, the company would aggressively address various cost-cutting measures, before the end of third quarter.
Currently, the stock is down $0.55, trading at $1.90 on the Nasdaq.
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