Promoted to CEO, Pierce joins Inspired Entertainment

19 January 2023

Promoted to CEO, Pierce joins Inspired Entertainment

Former CEO A. Lorne Weil has been promoted to executive chair of the supplier's board, and new Inspired CEO Pierce takes over for him.

Pierce will maintain his position as COO and have expanded responsibilities for the company's strategy in addition to his duties as CEO.

The elevation includes an extension of Pierce's work terms to December 31, 2026. He now has a basic pay of $585,000 and is eligible for a bonus of up to 110% of his yearly salary, which means he may earn a maximum of $1.2 million depending on his performance.

Executive chairman Weil's tenure has been prolonged to 31 December 2027, coinciding with Pierce's promotion.

Weil's revised employment agreement caps his share awards at 80,000 per year and increases his compensation to $800,000.

Streamlining strategic oversight and reconfiguring the office of the executive chair were part of a broader plan to implement the leadership changes, according to the business.

This comes after Inspired announced "significant" expense cuts in November 2022 in response to a drop in revenue and profit for the third quarter of that year.