St Minver CEO to become new head of Party Gaming

St Minver CEO Jim Ryan is set to become the new head of Party Gaming following the announcement that current chief Mitch Garber will leave later on this year.

However the news has also been followed by reports that new CEO Ryan’s remuneration package will be significantly less than that of his predecessors. Canadian, Garber, joined Party Gaming for a much publicised package worth a reputed £40,000,000 during the companies flotation on the London Stock Exchange.

Garber subsequently helped steer Party Gaming though the difficult period following the UIGEA act forcing the company along with most other gaming groups to leave the US market altogether.

New CEO Jim Ryan is reported to be due to receive a package worth in the region of £4,200,000. £500,000 of which will be via his annual salary with a further 15,000,000 Party Gaming shares.

It has been speculated that this lower remuneration package is both due to the financial problems in the gaming sector following the US online gambling ban and criticism by Party Gaming’s own share holders regarding salaries for it’s senior executives. 

Recent share price for the group indicate that it is worth in the region of One Billion GBP.