Online gambling company PartyGaming has experienced the sort of financial problems that would often have investors calling for a CEO's head. Mitch Garber is taking it far out of their reach.
As a point of clarification: Garber and the CEO of PartyGaming are one and the same. Also, Garber has cited his family, and not angry mobs, as a reason for his move. Still, a fairly dramatic change is taking place as the Canadian intends to quit the Gibraltar-based company and return to North America.
PartyGaming, by the way, suffered a 67 percent drop in profit last year. Net income in 2007 was $41.6 million, as opposed to $128.4 million in 2006, and Loveday Morris writes, "PartyGaming fell as much as 4 pence, or 15 percent, to 23.5 pence in the English capital, the steepest daily percentage drop since Oct. 2, 2006."
Those numbers are shockingly bad. Yet blame falls on the U.S. government, and not Garber, for most of these problems - its war on online gambling hasn't helped gaming companies.
Garber's replacement hasn't yet been announced or, as far as we can tell, found.
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