BPTY.L Regulatory News (BPTY)

5 Mar 2008 07:01

PartyGaming Plc05 March 2008 5 March 2008 PartyGaming Plc Directorate Change The Board has been advised by Mitch Garber, Group Chief Executive Officer, thathe does not intend to renew his employment and services contract beyond 1 May,2009. A Canadian national, Mr. Garber has advised the Company that he and hisfamily have decided to return to North America in 2009. As a result, the Boardhas initiated a process to find a replacement and will engage an executivesearch firm to assist in a review that will include both internal and externalcandidates. Mr. Garber will remain as CEO until a successor is found and hasalso agreed to remain available thereafter to ensure an orderly and seamlesstransition. Commenting on Mr. Garber's decision, Michael Jackson, Non-Executive Chairmansaid: "Mitch has been the driving force behind creating a sustainable, long-termbusiness strategy for the Group, one that is delivering excellent financialresults. Since joining PartyGaming two years ago, he has made an invaluablecontribution to the ongoing success of the Group having completed threeacquisitions, helped guide the Company through an extraordinary turnaroundfollowing the enactment of the UIGEA and driven the Group's increasinglyproactive stance with Governments and regulators around the world. He has alsoestablished a highly-skilled and motivated management team, one that has alreadyproven its ability to adapt and seize opportunities in a highly dynamic market." Mr. Garber, Group CEO, commented: "PartyGaming is an extraordinary company. The challenges we have faced andovercome over the past 18 months have been no less extraordinary. There isnever a good time to announce that you intend to leave a company, but Ipersonally take great pride in the fact that the Company is delivering on itsbusiness strategy and is in great shape to exploit its full potential in thefuture. By notifying the Board now of my longer term plans, together we canensure that the hand-over to my successor can be achieved smoothly and withoutdisruption." Contacts: PartyGaming Plc +44 (0)20 7337 0100Peter Reynolds, Director of Investor RelationsJohn Shepherd, Director of Corporate Communications Financial Dynamics +44 (0)20 7831 3113Edward Bridges / Juliet Clarke This information is provided by RNS The company news service from the London Stock Exchange