PERTH, Australia -- Adam Steinberg has been appointed chief executive of the LAI Group, which is comprised of Timezone Entertainment Centre Operations, LAI Games Amusement Machine Sales, Embed Payment and Management Systems and the Locker Network. He succeeds company founder Malcolm Steinberg, who continues as nonexecutive chairman of the LAI Group board.
The elder Steinberg founded the LAI Group in 1958, and has served as group chief executive since then. He is responsible for creating and building the varied activities of the organization across a range of amusement and entertainment businesses. Timezone operate more than 230 family entertainment centers across seven countries in the Asian region. LAI Games, Embed and the Locker Network supply products and services to customers around the world. In aggregate, these businesses today employ more than 2,300 staff members and enjoy annual sales in excess of $130 million (U.S.).
"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 has been able to create under the banner of the LAI Group, Malcolm Steinberg said. "In almost every industry segment and market that we serve, we have become No. 1 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," the company founder added. "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."
Malcolm's son Adam has been with the Group since 1991, holding various posts within the companies of the group. He has served as Embed's chief executive for the past 12 years. For the immediate term, Adam will fill the dual role of steering both the LAI Group and Embed, but will be looking to appoint a new Embed chief.
"I have some extraordinarily large shoes to fill," Adam said, "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."