January 8, 2013 / 12:35 AM / in 5 years

IGT says hedge fund to nominate ex-CEO, others to board

Jan 7 (Reuters) - International Gaming Technology said on Monday its former chief executive and a hedge fund plan to nominate four people for the slot machine maker’s board of directors.

Charles Mathewson, working with Ader Investment Management LP, has submitted a statement of intent to nominate the four for the eight-person board, IGT said.

Mathewson, who had been a board member from 1985 through 2003 and stepped down as CEO in 2000, is one of the nominees.

Ader said it owns roughly 3 percent of IGT’s shares. Vanguard Group is IGT’s largest shareholder, according to Thomson Reuters data.

A call to Ader was not immediately returned. IGT has not scheduled the shareholder meeting in which the board members will be chosen, and said it plans to announce the date “in the very near future.”

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