Bally Technologies announced that Ramesh Srinivasan will become president and CEO and board member effective by December 31, 2012.

Current CEO Richard M. Haddrill will become chairman of the board.

Haddrill joined Bally as CEO in 2004, after serving as CEO of two successful public companies. Under his leadership Bally has doubled revenues and increased the share price almost four fold.

“Ramesh and I have been great business partners over the past 13 years across two companies and these changes reflect the continued natural evolution of our roles and responsibilities,” Haddrill said. “We have built a deep group of leaders at Bally and Ramesh has proven his ability to lead the team.”

Srinivasan joined Bally in 2005 as executive vice president of systems and was responsible for shaping Bally’s Systems business into the industry leadership position. He was promoted to president and CEO in March 2011, assuming leadership for worldwide games, systems, and customer service. Under Srinivasan, Bally has positioned itself well to capitalize on the convergence of the games and systems businesses as well as emerging mobile and iGaming platforms. Previously he was a senior executive at supply chain software company, Manhattan Associates, Inc.

“I am honored to be the next president and CEO of Bally at such an exciting time in our company’s 80 year history,” Srinivasan said. “We are on a very good track for the coming years. I am very enthusiastic about the many opportunities I see to serve existing customers, expand our customer base, continue to provide growth opportunities for our people and increase shareholder value.”