Antonia Korsanos
About Antonia Korsanos
Antonia Korsanos is Vice Chair of the Board at Light & Wonder (LNW). She has served as Advisor to the CEO since July 2019 and was appointed Vice Chair in September 2020; she is age 55 as of April 11, 2025 and has been a director since 2020 . She previously served as CFO (2009–2018) and Company Secretary (2011–2018) of Aristocrat Leisure, bringing deep financial and gaming industry expertise to LNW’s board .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Aristocrat Leisure Limited | Chief Financial Officer; Company Secretary | CFO: 2009–2018; Co. Sec.: 2011–2018 | Senior financial leadership across global gaming; regulatory and governance responsibilities |
| Goodman Fielder | Senior leadership roles | Not disclosed | Consumer goods operating experience |
| Kellogg’s | Senior leadership roles | Not disclosed | Consumer goods operating experience |
| Light & Wonder (LNW) | Advisor to the CEO | Since July 2019 | Strategic advisory to management |
| SciPlay Corporation | Chair of the Board | Aug 2022 – Oct 2023 | Oversight of digital gaming subsidiary; governance leadership |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Treasury Wine Estates Limited | Director | Since April 2020 | Current public company board service |
| Ardent Leisure Group Limited | Director | Sep 2018 – Jun 2020 | Prior public company board service |
| Crown Resorts Limited | Director | May 2018 – Oct 2021 | Prior public company board service (casino operator) |
| Webjet Limited | Director | Jun 2018 – Mar 2021 | Prior public company board service |
Board Governance
- Independence: The Board determined that Ms. Korsanos is not independent under NASDAQ standards due to her consulting relationship with LNW .
- Board role: Vice Chair; not listed as a member of the Audit, Compensation, Compliance, or Nominating & Corporate Governance Committees (committees are comprised solely of independent directors) .
- Attendance: The Board held six meetings in 2024; all incumbent directors attended at least 75% of Board and committee meetings on which they served . All nine directors standing for election attended the annual meeting in 2025 .
- Leadership structure: Separate Chair and CEO; Lead Independent Director in place (Kneeland Youngblood) with regular executive sessions of independent directors .
Fixed Compensation
| Component | Amount | Terms | 2024 Outcome |
|---|---|---|---|
| Annual consulting fee | $600,000 | Continues post-election to Board; compensates for ongoing advisory services; not part of Eligible Director program | $600,000 paid in cash |
| Board cash retainer | $0 | Not eligible (compensated via consulting agreement) | $0 |
| Committee fees | $0 | Not on committees; not eligible | $0 |
| Meeting fees | Not applicable | Not disclosed | Not disclosed |
Performance Compensation
| Award Type | Grant Date | Number/Value | Key Terms | Status/Vesting |
|---|---|---|---|---|
| Stock options | Sept 28, 2020 | 662,933 options | Exercise price $35.42; three-year vesting schedule subject to earlier vesting upon specified stock price thresholds; hurdles achieved → fully vested | Vested; exercisable |
| Stock options | Aug 26, 2019 | 15,000 options | Exercise price $17.26; vested Aug 21, 2021 | Vested; exercisable |
| RSUs (fee increase in lieu of cash) | Dec 11, 2023 | 4,252 RSUs | Time-vesting; vests 1/3 at grant then Oct 1, 2025 and Oct 1, 2026 | 1/3 vested; remaining in 2025 and 2026 |
| RSUs (3-year consulting extension) | Dec 11, 2023 | 10,000 RSUs | Time-vesting; vests 1/3 at grant then Oct 1, 2025 and Oct 1, 2026 | 1/3 vested; remaining in 2025 and 2026 |
Performance metrics tied to compensation
- Option awards: Vesting accelerated upon achievement of stock price hurdles (specific thresholds not disclosed); all such hurdles were achieved in 2021 .
- RSUs: Time-based vesting only; no disclosed TSR/EBITDA performance metrics for director/consultant awards .
Other Directorships & Interlocks
| Company | Relationship to LNW | Potential Interlock/Conflict Consideration |
|---|---|---|
| Crown Resorts Limited (prior) | Casino operator; potential customer market overlap with LNW’s Gaming segment | Historical directorship ended Oct 2021; no current interlock disclosed |
| Treasury Wine Estates Ltd | Unrelated consumer sector | No apparent LNW conflict disclosed |
| Ardent Leisure; Webjet | Leisure/travel businesses | No current interlock; prior service ended 2020/2021 |
Expertise & Qualifications
- Financial expertise: Former CFO and Company Secretary of a major gaming content provider (Aristocrat), indicating strong financial literacy and governance experience .
- Industry credentials: Extensive gaming, technology, consumer products and marketing experience cited by LNW’s Board as valuable for oversight .
Equity Ownership
| Measure | Shares/Units | Notes |
|---|---|---|
| Beneficial ownership | 692,996 | Includes 677,933 options exercisable within 60 days and 313 shares held by child; represents less than 1% of shares outstanding |
| Options (total) | 677,933 | All vested; includes 662,933 (2020 grant at $35.42) and 15,000 (2019 grant at $17.26) |
| RSUs outstanding | 9,502 | RSUs from Dec 11, 2023 grants; remaining tranches vest Oct 1, 2025 and Oct 1, 2026 |
| Ownership guidelines | In compliance | Directors (including Vice Chair) must own ≥5x annual cash retainer ÷ prior 200-day average price; all covered directors in compliance |
| Hedging/pledging | Prohibited | Company policy bans hedging and pledging by directors |
Governance Assessment
- Not independent; dual role as Vice Chair and paid consultant is a governance risk that can affect perceived board independence and oversight quality (RED FLAG) .
- Strong attendance culture and executive sessions of independent directors help mitigate oversight risk; Lead Independent Director provides counterbalance .
- Compensation structure for Ms. Korsanos emphasizes cash consulting fees and previously large option grants tied to stock price hurdles; time-based 2023 RSUs introduce more guaranteed equity without explicit performance metrics (alignment vs. pay risk trade-off) .
- Director stock ownership guidelines and anti-hedging/pledging policies support alignment and reduce risk of misaligned incentives .
- Committee participation: She does not sit on core committees (Audit, Compensation, Compliance, Nominating) due to independence requirements; limits direct influence on pay and compliance but also reduces conflict exposure .
- Shareholder say-on-pay support for NEOs was ~98% in 2024, reflecting broader confidence in compensation governance, though not specific to director/consultant pay .
Key monitoring items for investors:
- Reassess the continued need for a paid consulting arrangement alongside Board service; consider transitioning to standard non-employee director compensation to strengthen independence optics .
- Track any related-party transactions or expanded consulting scopes that could heighten conflicts (none specifically disclosed beyond compensation arrangements here) .
- Ensure RSU and future equity award structures maintain robust performance linkage for directors where appropriate; current RSUs are time-based .
