Penn National Gaming (PENN): Felicia Hendrix Named As CFO And EVP

By Amit Chowdhry ● January 4, 2021
  • Penn National Gaming, Inc (NASDAQ: PENN) announced today that David Williams has stepped down as Executive Vice President and Chief Financial Officer. He will be succeeded by Felicia Hendrix.

Penn National Gaming, Inc (NASDAQ: PENN) announced today that  David Williams has stepped down as Executive Vice President and Chief Financial Officer as of December 31, 2020. Felicia Hendrix will be joining Penn National as Executive Vice President and CFO on March 2nd following more than 20 years as an equity research analyst covering the gaming, lodging, and leisure industries (subject to customary regulatory approvals). Hendrix will be reporting directly to Penn National’s Chief Executive Officer Jay Snowden. Williams agreed to stay with the company in a temporary advisory role to help ensure a smooth transition.

Hendrix most recently was a Managing Director and Equity Research Analyst at Barclays, covering the gaming, lodging and leisure industries and had been consistently recognized in the Institutional Investor All Americas Research Team polls. And Hendrix varied coverage universe – which spanned companies with market caps ranging from $2.5 billion to $45 billion and comprised differing revenue bases, cost structures, leverage levels and management depth – enables her to bring a unique perspective to Penn National. 

Before joining Barclays, Hendrix was a Managing Director at Lehman Brothers. And Hendrix holds a Bachelor’s Degree from the University of Virginia and an M.B.A from the Darden School of Business at the University of Virginia.

KEY QUOTES:

“To say my relatively brief tenure at Penn National was a roller coaster ride would be an understatement. We went from the excitement of announcing our new partnership with Barstool Sports to the temporary shutdown of all of our operating assets in my first two months on the job. I am very proud of the way our Company responded to the unprecedented challenges the pandemic presented, and the role I played in helping to raise more than $1 billion in new equity to be able to weather the storm. While I am grateful for the opportunity to have been a part of the incredible team at Penn, the challenges of continuing to work remotely from the West Coast and the potential strain of a relocation of my family during the ongoing pandemic has led me to this difficult decision.”

— David Williams

“I want to express my sincere appreciation to Dave for his dedication and support of our Company over the past year. He was quickly thrown into the fire, and I’m grateful for the way he stepped up and helped us navigate our way through the shutdowns of our casinos, ensuing companywide furloughs, and successful capital raises. We wish him all the very best in his future pursuits.”

“Fortunately, we have someone of Felicia’s caliber and exhaustive experience on Wall Street as an equity research analyst — who happens to have covered Penn for the last two decades — to step in as our new CFO. I have long admired Felicia and her deep knowledge of the gaming industry, impressive work ethic, sharp wit and attention to detail. I’m confident she’ll be able to hit the ground running in her new role, and we couldn’t be happier to have her officially join our Penn National Gaming family.”

— Penn National’s President and Chief Executive Officer Jay Snowden

Disclosure: I have a small PENN position in my stock portfolio