CEO hits jackpot

Want to know where your diminishing online bankroll is going? Well if you play on PartyPoker a fair chunk of it will be going to a gentleman called Mitch Garber, the new chief executive of PartyGaming.

It’s not just the likes of Phil Ivey and 22-year-old Mike Schneider, who won the Partypoker Million V recently, who are getting rich on the back of the internet poker boom, the industry’s boardroom heavy-hitters are coining it too.

Garber will receive a sign-on fee of $6 million, which includes relocation from Canada to Gibraltar, where the operator is based, and severance from his position at Fire One plc, a company which processes payments for online gambling.

In addition he is line to receive $15 millon in PartyGaming share options, gratis.

Garber replaces Richard Segal who was unwilling to relocate to Gibraltar, and will take up his position as of 19 April 2006.

Understandably, the new man is delighted to be joining the company.

“PartyGaming’s achievements in its short life are amazing and on a par with the likes of other internet majors. The recent launch of the fully integrated, Party-branded platform together with PartyCasino.com, the new product pipeline and the plans to offer multi-lingual and multi-currency online poker are clear evidence of the energy, drive and aspirations that run throughout PartyGaming.” Garber continued: “this is a great business and I look forward to working with my new colleagues.”

Commenting on Garber’s appointment, Michael Jackson, Non-Executive Chairman of PartyGaming, said: “The Board is delighted to have appointed Mitch, who has a strong and multi-disciplined track record, to succeed Richard, who has established PartyGaming as the world leader in online gaming and as a FTSE 100 company. He brings a wealth of experience gained on both sides of the Atlantic that will be important in helping strengthen PartyGaming’s position as a leading global company in the online sector”.