Online poker company PartyGaming unleashed something of a double-whammy today when, in addition to exceptional full -year figures, it reported that CEO Richard Segal was to leave the company. According to the company's announcement, Segal's impending departure was a matter of geographical location. Since PartyGaming floated last year, Segal has been commuting from London to the company's Gibraltar headquarters on a weekly basis. PartyGaming said that, in light of the company's surging growth, both Segal and the board concurred that “the CEO now needs to be located in Gibraltar along with all the other executive directors." Segal agreed to abdicate the upper ranks of the biggest online poker company worldwide after discussions with his family about moving to the colony came up with no deal.


Segal has until June 1 to vacate his position. With the online poker empire since August, 2004, Segal saw PartyGaming through its monumental IPO. Over Segal's 18 months with PartyGaming, the online poker company has seen more growth and development than many companies see in a decade. Commenting on Segal's role in this growth, non-executive Chairman Michael Jackson said that “PartyGaming’s IPO and subsequent success has been due in large part to the leadership of Richard Segal." PartyGaming is currently seeking candidates to fill Segal's shoes, and those are some very big shoes.

Source:  Poker777 Staff

Tuesday, 28 February 2006