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PartyGaming CEO Garber Quits for Greener Pastures
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 March 8 - This week the world's largest online poker operation, PartyGaming
Plc based in Gibraltar, announced that its CEO, Mitch Garber, has chosen not to
renew his contract with the company in May next year, and will return with his
family to
his native North America.
Most online gambling industry people believe Garber's decision to stand down
as CEO is due to the company's considerable drop in profits by 67 percent in the
last financial year. PartyGaming's poor performance has been attributed to the loss of its
US
business following the country's online gambling ban.
PartyGaming's net income dropped by $41.6 million in 2007 from $128.4 million in
the previous year. However, excluding its discontinued operations, PartyGaming
reported a profit of $13.9 million compared with a loss of $83.4 million, while
its net revenues rose to $476 million from $325 million in 2007.
Garber joined Gibraltar-based PartyGaming in April 2006, just before the United
States Congress was preparing to drop its 'bombshell' in the form of passing the
Unlawful Internet Gambling Enforcement Act (UIGEA) which was soon after signed
into law.
It was this bill that overnight effectively 'killed' the most lucrative online gambling
market on the planet, causing turmoil in the online gambling industry. PartyGaming's shares plunged by more than three-quarters in on the London Stock
Exchange as a direct result.
The passing of UIGEA forced small and large operators alike to focus their efforts on other
gambling markets, which is why most online gambling operations today focus on
the UK, Europe and Asian markets, as a way to replace the 'cash cow' that once was
America.
PartyGaming is expected to begin its search for a suitable replacement for
Garber immediately.
Said Garber, 'I think it is always good for a company to
promote from within, and I have no doubt that there are a number of people who have
risen through the company or arrived at PartyGaming via, who have the relevant skills
to become CEO.'
PartyGaming owns and operates
PartyPoker.com.
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