Online Gambling's Cryptologic Changes Directors

Published Saturday, May 16, 2009 -

Cryptologic is a well established software development company originally from Canada now headquartered in Ireland. Robert Stikeman the Chairman of the Board for quite some time has decided to move aside and allow David Gavagan take over the firm.

On June 3 2009 at the annual shareholders the change will take place. Stikeman will continue to service the company as a non-executive director, and Gavagan who is an accountant and investment executive will serve as the group's independent non-executive chairman. Mr. Gavagan is a fellow of the Institute of Chartered Accountants in Ireland, and was the co-founder and managing partner of a private equity fund. He joined CryptoLogic's board in June of 2008 and has more than 29 years of boardroom experience.

Gavagan said, "I am honoured to succeed Robert Stikeman, who helped pioneer the Internet gaming industry and provided strong leadership as CryptoLogic's chairman for the past six years," adding, "As CryptoLogic enters a new stage of its development, today's announcement reflects our continued commitment to the highest standards of corporate governance and to long-term value for our shareholders."

The software provider for many of the worlds most popular online casino games also announced it's intentions to appoint James Wallace as an independent non-executive director at the June annual meeting, increasing the total number of directors to four. Mr.Wallace has a great deal of experience in the public company sector and is a fellow of the Institute of Chartered Accountants in England & Wales. At this time he is chairman of Scapa Group plc, a non-executive director of the Manchester Airport Group, and the senior independent non-executive director and audit committee chairman of NCC Group. His past credentials include being chairman of Bodycote International, Sigma Capital Group, and chairman of the audit committee of Sanctuary Group plc. among other directorial positions.

The company has been through many changes lately and these new position announcements reflect the company's commitment to keeping the firm viable.

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