Cieslewicz Promoted at Multimedia Games

Randy Cieslewicz has been promoted to CFO of Multimedia Games. Cieslewicz has been acting as interim CFO since Craig Nouis left the company back in May of 2006. After spending eleven months trying to find a permanent replacement for Nouis in an outside search, MG decided to make it an internal promotion instead.

Cieslewicz joined MG in 2002 as their VP of Tax and Budget, having worked for their auditor BDO Seidman LP as a tax manager. The company thought that Cieslewicz was doing such a great job as interim, it seemed only natural that they would keep him on in that position.

A spokesperson for the company said that the board did not appoint him to run Multimedia M&A transactions, although he is involved in committees pertaining to the company. He has already handled their US Securities and Exchange Commission filings, and has structured key agreements with clients. He also helped the company double their credit line to $150 million.

Cieslewicz has been given the right to buy lots of shares in annual installments over the next four years, which they think the company is using to build up their value. They are restructuring some parts of the company, and there will be some layoffs, and this will save them roughly $4 million a year. The company currently has a market capitalization of $320.3 million.




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