Quoted from CrazyLevi:My takeaways:
-Gary one step closer to full-on retirement
-Stern revealing its sinister true intentions: to make money while continuing its growth
-They've FINALLY retired their ridiculous "lifestyle brand" tagline; our long international nightmare is over.
What do you guys think? How does them bringing on a South African dude who once hawked Jim Beam affect the pinball community? Are you mad at them for bragging about their success?
Is this a building block for the future, or yet another "slap in the face" to the pinball community?
Also, what in corporate bullshit tarnation is a "Six Sigma Black Belt?"
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Seth Davis appointed CEO; Nick Parfitt appointed CFO
CHICAGO, IL – December 20, 2022 – Stern Pinball, Inc. (SPI) today announced two executive leadership appointments to support the company’s continued growth. In the past three years, SPI has achieved successive revenue records across the Pinball Machine, Accessory, and Merchandise businesses as well as a successful digital connectivity expansion with Insider Connected.
Company Founder, Gary Stern, will step down as CEO but continue as Chairman of the Board. Dave Peterson will continue to serve as Vice Chairman of the Board. Gary and Dave will remain the controlling shareholders of the company and serve in executive roles on a project basis.
Seth Davis, who joined the company as President in October 2021, will take on the additional role of Chief Executive Officer (CEO). A life-long gamer prior to joining Stern Pinball, Seth spent a combined twenty-one years at The Walt Disney Company and the General Electric Company. He served in a wide variety of functions and in intrapreneurial roles at increasingly senior levels. Seth led and managed both small and large teams spanning business, creative, and technical disciplines.
Immediately prior to joining Stern Pinball, Seth served on the executive team responsible for the highly successful subscription-based streaming services Disney+ and ESPN+. Earlier in his career Seth served in Disney Corporate Financial Planning leading business transformation projects; as Head of Product Management for Connected Experiences within Disney Games and Consumer Products as part of Walt Disney Imagineering; as leader of Disney’s Digital Games Console and PC line of business; and as Director of Disney Games’ Strategy, Market Analytics, and Product Planning.
Before Disney, Seth spent eight years at the General Electric Company. He served as Senior Manager – Finance at GE Capital responsible for Strategic Analysis and Marketing. He started his GE career in the Financial Management Program where he completed four national rotations through GE business units and earned his Six Sigma Black Belt Certification.
Seth earned his MBA from The Wharton School at the University of Pennsylvania where he majored in Entrepreneurial Management. He earned a Bachelor of Science degree from Syracuse University with a double major in Accounting and Information Management and Technology.
After 35 years of service, Michael O’Donnell will retire as SPI’s Chief Financial Officer (CFO). Michael will remain a large shareholder of the company and continue to serve as a Board member. He will also lead special projects and assist with the transition of the CFO role.
Nick Parfitt will join the company as CFO. Nick, a native of South Africa, brings over 20 years of broad financial, accounting, strategic, and growth management experience to the company. Nick started his career with Fortune Brands at Jim Beam Inc., the world’s third largest producer and distributor of distilled beverages. Nick subsequently joined MillerKnoll, Inc., the NASDAQ-listed multi-billion dollar collective of dynamic brands designed and produced for commercial and luxury residential markets. Most recently, Nick served nVenia, LLC as the finance lead to implement a consolidation strategy for a newly formed business unit within the Duravant family of engineering businesses.
Nick earned his MBA from The Kellogg School of Management at Northwestern University where he majored in Finance and Marketing. He earned a Bachelor of Science degree from Indiana University Bloomington with a double major in Finance and Operations Management.
Shelley Sax-Eldridge, who is one of the longest serving employees at Stern Pinball, also announced her retirement after more than 36 years of service. Shelley started as an Administrative Assistant to Gary Stern and became the company’s Logistics Manager. Shelley communicated regularly with the company’s customers and distribution partners, facilitating the distribution of pinball games around the globe.
Looks like an MBA and a Six Sigma Black Belt are table stakes to build and sell pinballs now. Boy Howdy (!) the bar has been raised! The rest of the industry must feel woefully under educated today. I know I do.
These moves aren’t to build better pinball machines. These moves are to maximize profits to sell the company. I suppose they could be planning diversification of some kind to possibly go public someday, but these folks aren’t playing the long game.
Let the cost cutting begin!