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CEO Mass Exodus

Between CryptoLogic, William Hill and now Party Gaming, the CEO’s are all leaving their companies for greener pastures (or family in most cases). The CryptoLogic CEO was the latest online casinos company to announce the appointment of a new CEO, and now Party Gaming CEO Mitch Garber has announced that he will not renew his contract when it comes up in May 2009. Garber has been with Party Gaming through the company’s extremely difficult exit from the U.S. online casinos gambling market, and will continue to see the company through until the end of his current contract.

It seems that the U.S.’s online casinos gambling act really shook up a lot of the industry, both CryptoLogic and Party Gaming faced tough decisions and restructuring after the U.S. gambling ban. CryptoLogic moved the company’s main base operations from Canada to Dublin, Ireland just months ago, and Party Gaming was forced to reanalyze its European market share and refocus energy into developing a stronger presence in the European market.

All of these restructuring moves are now accompanied by a “changing of the guard” so-to-speak. As the online gambling companies enter a new phase of development, they will have new leadership and fresh ideas moving forward.

Mitch Garber did not cite any specific reasons for his decision to phase himself out of the online casinos company in 2009, but he did comment that he plans to return to Canada once he is no longer under contract as Party Gaming CEO. But even though Garber has already announced his decision to leave at the end of his contract, he still has more than a year of dedicated work before he leaves, and over this coming year Party Gaming is focused on boosting revenue and profits from the European and Asian gambling markets.