| New head for Party Gaming Online poker
company Party Gaming has found a new chief executive in Mitch Garber,
former executive chairman of online payment firm Fire One. He will be
confirmed this week when the board convenes to approve the appointment.
Mr Garber was chosen for the role from a list of five candidates.
Mr Segal, the outgoing chief executive had announced his intention to
resign from Party Gaming in February because he did not want to move to
Gilbraltar, where Party Gaming is based. Mr. Segal had been commuting
from London to Gibraltar, but Party Gaming's board had asked him to
relocate. He is likely to leave before June 1
Mr Segal is set to make around £30m from his salary, bonus and share
options and Mr Garber, a Canadian, is expected to receive a similar pay
package.
Mr Garber currently lives in Canada and will have to move to Gilbraltar
with Party Gaming paying his relocation costs. The company may also buy
out any remaining share options he has in Fire One. Mr Garber is likely
to add weight to Party Gaming's acquisition strategy as Mr Garber has
experience in mergers and acquisitions having overseen the merger of
payments companies Terra Payments and Canadian-based Optimal Group in
2002.
Mr Garber is a qualified lawyer and for nine years worked for Lazarus,
Charbonneau, a Canadian law firm. He has also worked with casinos and
advised governments on regulating betting and gaming companies.
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