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Leadership changes at LAI Group

Leadership changes at LAI Group
November 6, 2013

Having founded the LAI Group in 1958, Malcolm Steinberg is to step down as Chief Executive, to be replaced by his son Adam.

The LAI Group comprises leading amusement and related businesses Timezone Entertainment Centre Operations, LAI Games Amusement Machine Sales, Embed Payment and Management Systems and The Locker Network locker supply and operations.

From founding the Group, Malcolm Steinberg has served as Chief Executive for over 50 years. In stepping down he will now continue in the role of non-executive Chairman of the LAI Group Board.

Adam Steinberg is currently a Director of the Group and Chief Executive important change to it's international corporate leadership effective from November 2013.

Malcolm Steinberg has been responsible for creating and building the interests of the LAI Group across a variety of leading businesses within the amusement and entertainment industry.

Today those businesses employ more than 2,300 staff and have combined sales exceeding US$130 million. Timezone Entertainment Centres operate more than 230 FEC's across seven countries in Asia while LAI Games, Embed and the Locker Network supply products and services to customers across the globe.

Commenting on the change, Malcolm Steinberg said, "since founding the Group back in 1958 and after more than 55 years at the helm I am justly proud of the incredible businesses the LAI team have been able to create under the banner of the LAI Group.

"In almost every industry segment and market that we serve we have become mumber one through a lot of hard work and a spirit of wanting to be the best. The future also looks very bright and there are many opportunities to take our businesses to the next level and so I feel that the time is right for me to step down from my executive role and hand over to the next generation of management who will take us forward."

Adam Steinberg has been with the Group since 1991 and has filled various roles within group companies including as Chief Executive of Embed for the past 12 years. For the immediate future Adam will fill the dual role of LAI Group and Embed Chief Executive but will be looking to appoint a new head for the Embed business.

In replacing his father as Chief Executive of LAI, Adam Steinberg stated "I have some extraordinarily large shoes to fill but I am excited about the big growth opportunities that exist across all the LAI Group businesses and I will be working closely with the talented management teams of each business to maximize those opportunities."

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