Odell in the top slot at Aristocrat - 30th December 2008

Aristocrat Leisure, the world's second-largest maker of slot machines, has appointed Jamie Odell as chief executive and managing director.

He will replace Paul Oneile, who stepped down in September, three months ahead of schedule.

Mr Odell was formerly a divisional managing director of Foster's Group in charge of its beers, wines, spirits and soft drinks businesses in the Asia-Pacific region.

Aristocrat told the stock exchange it saw the Asia-Pacific as a growth area.

Mr Odell, who quit Foster's last month after apparently missing out on the chief executive's position following the exit of Trevor O'Hoy, will take up his new job on February 1.

Aristocrat is struggling to find buyers for new games as recession crimps demand for slot machines in the US, its biggest market.

Casino gambling revenue on the Las Vegas Strip and in Atlantic City fell for the 10th straight month in October as consumers - hurt by falling home values and mounting job losses - cut their entertainment spending.

Shares in Aristocrat rose 5c to $3.90 yesterday, but are still down 65 per cent over the year.

Mr Odell will be paid an annual salary of $1.25 million. He could also receive a bonus of up to 100 per cent of salary depending on meeting financial and other targets, and may be granted a long-term incentive of share rights worth as much as $1.275 million.

Aristocrat's chairman, David Simpson, stepped into the executive chairman's role after Mr Oneile quit on September 29. Mr Oneile had previously said he would not renew his contract when it expired on December 31.

In October Aristocrat downgraded its profit guidance, saying it expected to report an operating profit after tax of $120 million to $150 million for the year ending December 31.

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