Fired gaming execs collect generous severance

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Tuesday, July 18, 2000 | 10:56 a.m.

THE ASSOCIATED PRESS

WEST GREENWICH, R.I. -- Ousting top executives has proven expensive for lottery giant GTECH Holdings Corp.

William O'Connor, the chief executive officer, can collect about $8 million in severance, The Providence Journal reported. Steven Nowick, the chief operating officer, will collect his annual salary of $360,000 for the next three years, the Journal reported.

The two were ousted under pressure earlier this month. In announcing their departure, GTECH cited lower-than-expected earnings and the cover-up of a mistake by the company in the British lottery in which some ticketholders were other overpaid or underpaid by small amounts.

GTECH spokesman Stephen White declined to comment on the specifics of the men's severance packages, but said both had employment agreements the company would honor.

Two years ago, GTECH co-founders Guy Snowden and Victor Markowicz also received significant severance when they resigned after a scandal in Great Britain over allegations Snowden tried to bribe British billionaire Richard Branson to drop his bid to run the country's lottery. Both men received lump sums of $9.3 million each.