Markets

Gaming and Leisure Properties CFO Stepping Down

Gaming and Leisure Properties (NASDAQ: GLPI) is on the hunt for a new CFO. The company announced Tuesday that the man currently occupying that position in addition to being senior vice president, Steven Snyder, is vacating it effective Aug. 31. The company did not provide a reason or reasons for his departure.

Snyder is a veteran of the gambling industry. He has been employed at Gaming and Leisure Properties for nearly seven years, according to his LinkedIn profile, the last two as CFO.

Prior to that he was senior vice president, corporate development at casino and racetrack operator Penn National Gaming -- the company that spun out Gaming and Leisure Properties as a specialty real estate investment trust (REIT) in 2013.

Blackjack game at a casino.

Image source: Getty Images.

Gaming and Leisure Properties said it has retained prominent executive search firm Korn Ferry to help it find a replacement for Snyder. It said that the "search for a new Chief Financial Officer is focused on identifying a forward-thinking finance executive that can support GLPI's further growth and the enhancement of shareholder value."

As a REIT and not directly an operator of casinos or other such businesses, Gaming and Leisure Properties has been somewhat insulated from the economic damage wrought on the industry by the coronavirus pandemic. Still, the REIT did feel it necessary to cut its dividend by 14% in April.

Gaming and Leisure Properties' stock rose marginally on Tuesday, inching up by 0.7%. That was in contrast to the top equity indexes, which generally slumped on the day.

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Eric Volkman has no position in any of the stocks mentioned. The Motley Fool recommends Gaming and Leisure Properties. The Motley Fool has a disclosure policy.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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