BPTY.L Regulatory News (BPTY)

15 May 2008 15:02



15 May 2008

PartyGaming Plc

("PartyGaming", "the Company", "the Group")

Directorate Changes

PartyGaming, the world's leading listed online gaming company, is pleased to announce the appointment of Jim Ryan as Chief Executive Officer and also the promotion of John O'Malia to Managing Director, a new executive position on the Board. Mr Ryan's appointment will take effect shortly, following a handover of his current responsibilities. Mr O'Malia's appointment takes effect from 16 May 2008. Mr Ryan succeeds Mitch Garber, who leaves the Company on 16 May 2008, but remains available as part of the handover process until 31 July 2008. In the interim Mr O'Malia will fulfil both roles. 

Jim Ryan (46) is a highly experienced internet and technology executive. His 22 years of relevant experience includes being Chief Executive Officer of St Minver Limited, a provider of European white label internet gaming solutions and Excapsa Software Inc, an AIM listed developer of interactive gaming software solutions, and Chief Financial Officer of CryptoLogic Inc, a LSE, NASDAQ and TSX listed internet gaming software development company. A Canadian national, Jim trained as a Chartered Accountant with Deloitte Haskins & Sells and has held senior management and board positions at companies listed on the London, Toronto and NASDAQ stock exchanges.

John O'Malia (38) was formerly the Group's Chief Games Officer having joined the Group in August 2006 following the acquisition of Gamebookers, the pan-European online sports betting business of which he was CEO. In his new role, John will take full executive responsibility for the day-to-day management of the Group, in addition to his seat on the Board.

Also today, PartyGaming announces that Michael Jackson, Non-Executive Chairman, will step down as a Director within the next 3 to 4 months, following the induction of the new CEO and the selection of a successor Chairman.

Michael Jackson led PartyGaming through its stock market flotation in June 2005, one of the largest IPOs on the London Stock Exchange for a number of years. Under his Chairmanship, PartyGaming has faced a number of challenges but has continued to build upon its leading position in the industry by acquiring a number of online gaming companies and through its approach to regulatory compliance and responsible gaming.

A search to find a successor for Michael Jackson has been put in train and a further announcement will be made in due course.

Commenting on Jim Ryan's appointment and John O'Malia's promotion, Michael Jackson said:

"The Board is delighted to have appointed Jim Ryan after a rigorous search and selection process that considered a broad range of candidates. Jim has a wealth of experience that will be invaluable in steering the Group through its important next phase of development. Jim's experience, coupled with John O'Malia's proven success in managing PartyGaming's profitability enhancements over the past year, will be a powerful combination in driving the Company forward and continuing to enhance the value and appeal of PartyGaming's brands and gaming products."

Jim Ryan said:

"PartyGaming is a great business with the world's largest online casino, one of the largest online poker rooms, an exciting sports book and bingo product. I am hugely excited by the scale of the opportunity and with the support of PartyGaming's Board and management team, I am confident we have an exciting and prosperous future."

Commenting on today's announcement, Michael Jackson said:

"As Chairman I was given a brief to lead PartyGaming confidently into the publicly quoted arena and establish the Company as a world-leading internet business. In partnership with the Board and the executive management team, this brief has been achieved. I'm heading towards the fourth anniversary of my involvement with PartyGaming and having overseen its first challenging years as a public company, including the closure of our US-facing business, it's now time for me to leave and pursue other business interests. I believe that having weathered many challenges, the Group has proven its ability to adapt and innovate. With a talented management team and new CEO, it is very well placed to capitalise on its market position and strong brands as it enters its next phase of development."

Rod Perry, Senior Independent Director, said:

"Michael's experience and drive have been invaluable to PartyGaming's success in what have been extremely challenging circumstances. His stewardship in dealing with complex regulatory issues whilst ensuring the Company continues to meet its business objectives is evidenced by PartyGaming's financial results and reputation as a market leader."

Contacts:

Notes to Editors:

Jim Ryan:

Educated at Brock University in Ontario, Canada, where he obtained a business degree with first class honours, Jim Ryan then obtained professional qualifications as a Chartered Accountant from the Canadian Institute of Chartered Accountants in 1985.

He has more than 20 years of diverse senior management experience and business development roles within the high technology and internet gaming sectors. He is currently the Chief Executive Officer of St. Minver Limited, the recently acquired provider of network operations and white label licensing services for the European on-line entertainment market.

Prior to this role, Jim was the President and Chief Executive Officer of Excapsa Software Inc., a publicly traded (AIM:XCP) developer of interactive gaming solutions. Before then, he was Chief Financial Officer of CryptoLogic, Inc. (LSE:CRP, NASDAQ: CRYP, TSX: CRY & CXY), and before that was Chief Financial Officer and Secretary of Procuron, Inc. His career also includes being Chief Financial Officer of SXC Health Solutions, Corp (NASDAQ: SCXI), Vice President of Business Development of Metcan Information Technologies Limited, and Vice President and Chief Financial Officer of Epson Canada Limited.

There are no disclosures to be made under Listing Rule 9.6.13 in respect of Jim Ryan.

John O'Malia:

John was Chief Executive of Gamebookers, the pan-European sports betting company, until its acquisition by PartyGaming in August 2006. Since joining PartyGaming, he has become a key member of the senior management team, having overseen both the successful integration of Gamebookers and the relaunch of the Group's online casino operation. He was promoted to Chief Games Officer three months ago.

Prior to becoming CEO of Gamebookers, John's early career began in trading options for several leading financial institutions in Europe. He then moved into sports betting software development, culminating in the development of the first software to facilitate de-centralised betting exchange platforms.

He holds a Bachelor of Arts Cum Laude in Economics and a Bachelor of Arts in German from Indiana University.

There are no disclosures to be made under Listing Rule 9.6.13 in respect of John O'Malia.

About PartyGaming:

Founded in 1997, PartyGaming is the world's leading listed online gaming company. The Group offers a variety of games through an integrated Party-branded platform and through a number of secondary brands. The Group's key gaming sites include PartyPoker.com, one of the world's largest online poker rooms and PartyCasino.com, the world's largest online casino. In addition, the Group offers online bingo through PartyBingo.com, online backgammon through PartyGammon.com, and sports betting through PartyBets.com and Gamebookers.com. PartyGaming does not accept wagers or deposits for real money games from customers located in the U.S.