PartyGaming Plc Board Change: Richard Segal, Chief Executive Officer, to Leave PartyGaming28 February 2006PartyGaming Plc ("the Company"), the world's leading online gaming company, announces today that Richard Segal, Chief Executive Officer, will be leaving the Company by mutual consent on or before 1 June 2006. At the time of last year's IPO, Richard agreed to commute each week to PartyGaming's headquarters in Gibraltar. Given the rapid growth of the Company, he and the Board agree that the CEO now needs to be located in Gibraltar along with all the other executive Directors. Following discussions with his family, Richard has declined a request by the Board to move to Gibraltar and will therefore be leaving the Company. Richard joined PartyGaming in August 2004 following a highly successful 16-year career in the leisure industry with Rank which culminated with him leading the buy-out and subsequent sale of Odeon Cinemas. Since his appointment at PartyGaming, he has been instrumental in creating the management structure required for the Group's next phase of development. In particular, he helped to build a highly experienced and industry leading management team ahead of last year's successful IPO, following which PartyGaming joined the FTSE-100 index. Under his leadership, PartyGaming has seen its revenues grow to $977.7 million in 2005 and clean EBITDA1 increase to $583.7 million. He has also overseen the strategic development of the business including the highly successful introduction and cross-selling of blackjack on PartyPoker.com, the conclusion of the Group's 'skins' strategy and last week's joint launch of the Party-branded integrated platform and PartyCasino.com. A formal process to identify and recruit a replacement is underway. Richard Segal, Chief Executive, said: "My time at PartyGaming has been one of enormous challenge and great excitement and we have achieved a huge amount in a very short space of time. The decision to leave has been very difficult given the success already achieved and the exciting prospects ahead. "This is a very fast moving and dynamic industry and I am incredibly proud of everything that everyone at PartyGaming has achieved to further our progress and prepare the ground for even greater things to come." Michael Jackson, non-executive Chairman, added: "PartyGaming's IPO and subsequent success has been due in large part to the leadership of Richard Segal, the Group's CEO. It is therefore with regret that we are announcing Richard's departure. On behalf of all stakeholders we thank him for his substantial contribution and wish him every success for the future." 1 before IPO-related expenses, share-option charges and skin-related settlement costs Contacts: PartyGaming Plc +44 (0)20 7337 0100 Peter Reynolds, Director of Investor Relations John Shepherd, Director of Corporate Communications Financial Dynamics +44 (0)20 7831 3113 Edward Bridges / Juliet Clarke --- by Party Poker PR at offshorepokerroom.com on March 20, 2006
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