New CEO named

Friday, June 15, 2001 | 10:43 a.m.

Brian Gamache was named chief executive of WMS Industries Inc. Thursday, replacing long-time CEO Louis Nicastro.

Gamache, who previously served as president and chief operating officer of WMS, will retain the president's role; WMS said it will not fill the COO's position at this time. Gamache will also join the WMS board. Nicastro, who has served as CEO for all but three years since 1968, will continue to serve as non-executive chairman of WMS.

"The success Brian and his team of executives have achieved over the last 15 months has been remarkable," Nicastro said. "The time is right for me to turn over day-to-day management of the company."

Gamache took over as president and COO in April 2000.

WMS said it authorized the settlement of Nicastro's employment contract and stock options in connection with his resignation, and will pay him an unspecified bonus "in recognition of his significant contributions to WMS' success." The company will record a one-time, after-tax charge of $12.5 million, or 39 cents per share, in connection with payments to Nicastro, which will be recorded in the quarter ending June 30.

WMS is one of the gaming industry's largest manufacturers of slot machines. The company is based in Waukegan, Ill., in the Chicago area.