CFO of Penn National Gaming steps down

4 January 2021

(PRESS RELEASE) -- Penn National Gaming, Inc. announced today that David Williams, has stepped down as Executive Vice President and Chief Financial Officer as of 31 December 2020. Taking his place, subject to customary regulatory approvals, will be Felicia Hendrix, who will be joining Penn National as Executive Vice President and CFO on 2 March following more than 20 years as an equity research analyst covering the gaming, lodging and leisure industries. Ms. Hendrix will be reporting directly to Penn National’s Chief Executive Officer, Jay Snowden.

Mr. Williams, who has agreed to stay with the Company in a temporary advisory role to help ensure a smooth transition, said of his planned departure: “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.”

Penn National’s President and Chief Executive Officer, Jay Snowden, commented, “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,” continued Mr. Snowden. “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.”

Felicia 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. Her 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 Felicia to bring a unique perspective to Penn National. Prior to joining Barclays, Felicia was a Managing Director at Lehman Brothers. Ms. 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.

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