PartyGaming Reduces Salary for new Chief Executive

May 26th, 2008

PartyGaming appointed a new Chief Executive and gave him a hugely reduced salary package than his predecessor Mitch Garber.

The group, which was condemned for issuing Garber with a massive package of around £40m at the time of its London flotation, has provided a shares package of around £4.2m for Jim Ryan.

Ryan, who will be on a salary of around £500,000 a year, is being granted 15 million shares currently worth £4.2m, although 63 per cent of Ryan’s shares vest in years three to five of his five-year contract.

PartyGaming also announced that Michael Jackson will resign as a non-executive chairman in the next three to four months. And in another change, John O’Malia, the group’s chief games officer, will become Managing Director.

PartyGaming’s shares were unchanged at 26.25p, valuing the company at around £1bn.