Lower package for online gambling chief

17.05.2008

The news that St Minver's CEO Jim Ryan is to become Party Gaming's boss when Mitch Garber leaves later this year (see previous InfoPowa reports) has been followed by media reports that his remuneration package - whilst still impressive - will be lower than that of his predecessor.

Garber joined the company with a much discussed package worth some GBP40 million when it floated on the London market, with the Canadian executive arriving just in time to steer the group through one of its biggest trials when the UIGEA was passed and it had to exit the American market.

Ryan will receive a package worth approximately GBP4.2 million, made up of a salary of GBP 500 000 pa and 15 million shares - 63 percent of which are restricted to years 3 to 5 of his five year leadership contract, according to CityAM. The publication speculates that this reflects both the criticism the group received regarding its pay policy for senior executives and the problems the sector has had since the American ban on internet gambling.

PartyGaming’s shares were priced at 26.25p, valuing the company at around GBP1 billion this week.