<\/p>\n
Summerer, 49, most recently served a three-year term as CFO for cannabis company Verano, where he built a 70-person finance and IT team and helped to lead more than 20 M&A deals, the company said in the Monday press release. Prior to Verano, he served as vice president, head of supply chain finance and CFO, US operations for The Kraft Heinz Company, according to his LinkedIn profile. His past experience also includes serving in several executive roles for Corning Incorporated and General Motors.<\/p>\n
As CFO for Accel, Summerer will receive an annual base salary of $460,000 and will also be eligible for an annual discretionary bonus with a target amount equal to 65% of his base, according to the SEC filing. In association with his appointment as finance chief, he will also receive a grant of 40,000 restricted stock units. \u00a0Commencing in calendar year 2026, Summerer will receive a discretionary annual equity award \u2014 50% of which will be in RSUs, with the remaining 50% in performance-based stock units \u2014 with a target grant date value equal to 115% of his base salary.<\/p>\n
Summerer sees joining Accel as a \u201ccompelling opportunity,\u201d he said in a statement included in the Monday press release.<\/p>\n
\u201cWith Accel\u2019s focus on consistent operational execution and on near- and long-term growth opportunities, I am excited to join Andy, Mark, and the leadership team, as well as the entire Accel organization, as we work together to advance the Company\u2019s strategy, enhance operational excellence, and support value creation for shareholders,\u201d he said in the statement. \u00a0<\/p>\n
Summerer\u2019s appointment comes as the gaming company aims to execute on a \u201cmultipronged growth strategy,\u201d targeting both near- and long-term revenue, cash flow and adjusted EBITDA growth, CEO Rubenstein said during the company\u2019s second quarter earnings call on Aug. 5. The company will lean on its operating expertise<\/a> to achieve those goals, \u201cwhile also remaining focused on often overlooked M&A opportunities,\u201d Rubenstein said on the call according to a transcript.<\/p>\n \u201cWe remain focused on disciplined, accretive transactions that do not stretch our balance sheet,\u201d he said on the call. \u201cMost of these assets are below the radar of larger operators, creating attractive opportunities for Accel to expand our footprint while maintaining strong financial discipline.\u201d<\/p>\n Last year, the company acquired Fairmont Holdings \u2014 a horse racing venue in Illinois \u2014 for approximately $35 million<\/a>, adding a single site racetrack to<\/a> the company\u2019s portfolio as well as creating the opportunity for a future casino, according to company press releases. Accel is remaining \u201copportunistic\u201d when it comes to future acquisitions, Rubenstein said during its Q2 earnings call in response to analyst questions \u2014 but \u201cwe’re not looking to lever up the company in any extreme way,\u201d he said. \u201cWe’ve always kind of played it relatively conservatively,\u201d<\/p>\n