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| | | March 23 - After much speculation about who would take the reigns from outgoing
PartyPoker CEO, Richard Segal, the person most favored for the elite position
was officially confirmed by the company yesterday as Mitch Garber, the new CEO
of PartyPoker.
Garber, who is an expert in both the legal and payment-processing aspects of
online gambling, is due to begin at PartyPoker on April 19 this year, and spend
about a month and a half under the wing of Segal, before the former CEO leaves
the company for good.
The reason for Segal's departure was his apparent refusal to relocate with his
family from Canada to Gibraltar in line with the PartyGaming strategy. Garber,
on the other hand, has no such reservation and is being handsomely rewarded for
his commitment.
He will earn an annual salary of $1 million as well as a $6 million payment to cover
the share options in FireOne and its parent company, Optimal Group, a company
Garber helped build and manage, as well as relocation costs from Canada to
Gibraltar.
In addition, Garber is expected to receive 7 million PartyGaming share options
in his first year and thereafter another 20 million share options across the
following
2, 3 and 4 years, according to PartyGaming's performance.
PartyGaming was founded in 1997, and owns and operates
PartyPoker, the world's
biggest and most popular online poker room, as well as IntertopsPoker,
EmpirePoker, PokerNOW and MultiPoker.
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