PartyGaming founders quit board
Print storyCash in chips, throw in hands and leave the table
Posted in Financial News, 24th May 2006 08:46 GMT
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Two of the founders of online poker site PartyGaming are leaving its board of directors.
The techy brain behind the site, Anurag Dikshit, is leaving the board but will continue to develop new products as the new head of research and special projects.
Group marketing director Vikrant Bhargava is also stepping down. He will leave the company at the end of the year. Despite this, the firm says it hopes he will still "be available to advise the group".
The two have already made almost £500m from selling shares in the company. Between them they still own some 39 per cent of the company, which has a market capitalisation of over £5bn.
In February, the company sold almost a quarter of its shares to Japanese investment firm Softbank.
It also lost chief executive Richard Seagal because he did not want to relocate to Gibraltar. Some observers said the moves showed new chief executive Mitch Garber was making his mark at the firm.
In a joint statement, Bhargava and Dikshit said they were confident the firm's marketing and technology departments would continue to flourish and they welcomed the arrival of Mitch Garber.
The whole statement is available here. ®
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