23rd May 2006 10:58
PartyGaming Plc23 May 2006 23 May 2006 PartyGaming Plc Board Changes and New Management Structure PartyGaming Plc, the world's leading online gaming company, today announces twoBoard changes and a consequent reorganisation of senior management roles toreflect the continued development of the Group. The Board has accepted a request from Anurag Dikshit, Group Operations Directorand one of the original founders of PartyGaming, that he step down from theBoard in order to focus on the development of new products and platforms withthe objective of further enhancing PartyGaming's leading position in onlinegaming as Head of Research and Special Projects. Mr. Dikshit's existing responsibilities will be allocated between Bhagwan DassGoel, Group Technology Director, and Joel Leonoff, who will be appointed to therevised role of Group Operations Director. Mr. Goel and Mr. Leonoff have bothbeen appointed to the Group's Executive Committee, reporting to Mitch Garber,Chief Executive Officer. It is not intended that Mr. Dikshit's position on theBoard will be filled, thus re-establishing the balance between independent andnon-independent directors in compliance with the Combined Code. In addition, Vikrant Bhargava, Group Marketing Director and a founder ofPartyGaming, has informed the Board that he wishes to step down from the Boardand leave the Company at the end of the year. It is envisaged that, while Mr.Bhargava is keen to pursue a variety of other interests, he will continue to beavailable to advise the Group after he leaves the Company. Commenting on the changes, Michael Jackson, Chairman of PartyGaming, said: "Today's announcement reflects the continuing transformation of PartyGaming froma small entrepreneurial business into one of the world's leading internetbusinesses. We are delighted that in his new role, Anurag will now be free tohelp develop the next generation of products and platforms. We are also pleasedthat Vikrant, with his considerable knowledge and experience, will continue toretain his close association with PartyGaming." In a joint statement, Mr. Dikshit and Mr. Bhargava said: "Deciding when to reduce the level of executive responsibility is one of themost difficult decisions that entrepreneurs have to make. The technology,operations and marketing teams at PartyGaming have both strength and depth andwe are confident that they will continue to flourish. Accordingly, both we andthe Board now feel that the management infrastructure is in place to allow us tostep down from our current roles. We are delighted with the recent appointmentof Mitch Garber as Chief Executive Officer. His knowledge of our business andthe online gaming sector, coupled with the strength of the supporting managementteam, means that the Group is in good hands." 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 Notes to Editors: Bhagwan Dass Goel Since joining the Group as Group Technology Director in 2005, Mr. Goel hasoverseen the successful re-integration of the "skin" platform with thePartyPoker.com platform, as well as the launch of PartyCasino.com. Prior tojoining PartyGaming, Mr. Goel held senior positions in a number of leadinge-commerce companies such as Travelocity, Internet Shopping Network andInfoseek. Mr. Goel graduated from the Indian Institute of Technology in NewDelhi 1986 with a degree in Electrical Engineering followed by a Masters Degree. Joel Leonoff As Group Operations Director, Mr. Leonoff will be responsible for alloperational areas and will oversee payment processing, product management andbusiness development. Mr. Leonoff has worked as senior vice president in chargeof internet commerce at BCE Emergis, the e-commerce subsidiary of Bell Canadaand has also established a number of successful businesses during his career,including Bizware Computer Systems, TotalNet Inc., a leading internet serviceprovider in Canada, and was instrumental as Chief Operating and Chief FinancialOfficer of Terra Payments Inc., a listed company, now merged with Optimal Groupinc, a Nasdaq-listed company. Mr. Leonoff graduated from McGill University inCanada with a degree in Accounting and Management Information Systems and is aqualified chartered accountant. About PartyGaming Plc Founded in 1997, PartyGaming Plc is the world's leading online gaming companyand owns and operates PartyPoker.com, the world's largest online poker room, aswell as EmpirePoker.com. Other online gaming activities include casino,principally through PartyCasino.com and StarluckCasino.com and also online bingothrough PartyBingo.com. PartyGaming Plc is listed on The London Stock Exchange under the ticker: PRTY.In the year to 31 December 2005, the Group had revenues of $977.7m and generatedClean EBITDA of $583.7m and profit before tax of $324.9m. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
BPTY.L