IGT lays off managers to cut costs

LAS VEGAS, Nevada -- International Game Technology has terminated the employment of some management level employees in a cost-cutting initiative, a regulatory filing revealed today.

Richard Pennington, executive vice president of corporate strategy, was the only executive named in the Security and Exchange Commission filing.

Pennington will receive a severance package of $242,000. He received a base salary of $420,000 during the fiscal year ending Sept. 30, 2008.

IGT spokesperson Ed Rogich said the company will not be releasing additional names or details on others terminated in the management reduction initiative.

"We're following the plan that CEO Patti Hart has talked about all along," Rogich said.

During a second quarter earnings call in April, board chairman and former CEO TJ Matthews said most of the cost reductions were behind the company. IGT has cut about 700 people, or 10 percent of its workforce, since November 2008.

Earlier this month, IGT hired former Microsoft executive Chris Satchell as the company's new chief technology officer.