Friday, March 24, 2006

As reported by the UK Guardian: "Richard Segal, the chief executive who led the online gaming group PartyGaming through its stock market flotation last year, has refused to move to Gibraltar, where the company is headquartered, and is to leave in June with a full payout, likely to be worth about £10m.

"Mr Segal, who has commuted to Gibraltar from Monday to Friday since joining the company in the summer of 2004, said he refused to base himself there over weekends because of 'family ties in London'.

"…The rest of Mr Segal's management team are all located in Gibraltar. The chief executive said he had been asked to follow suit, first by the chairman, Michael Jackson, then by the full board.

" 'm putting my family first,' he said. He agreed that his successor ought to be located in Gibraltar for the whole week…"