Scientific Games (NASDAQ:SGMS) Shares Soar on CEO Change

News that the former chief executive officer of Scientific Games Corporation (NASDAQ:SGMS) A. Lorne Weil, who is the chairman of the company, will resume the role of CEO has resulted in the share price of the company taking off, as his prior performance has generated enormous confidence in the future of the company.

Weil takes over for Michael R. Chambrello, the company's current President and Chief Executive Officer, who will depart to become CEO of the Asia-Pacific Region.

From 1992 to 2008, Weil took the company from generating revenue of $50 million to over $1 billion, the reason for renewed optimism.

Shares for Scientific Games were trading at $7.93, gaining $1.21, or 18.01 percent as of 2:02 PM EST.