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With Amaya Gaming assuming 81 percent of troubled Cryptologic’s issued shares, CEO David Gayagan has resigned as has CFO Huw Spiers, general counsel Nick Catros and two other board members.
Amaya CEO/President David Baazoy is slated to take over Gavagan’s position effective immediately.
Cryptologic, once the leader in online gambling software, has lost its competitive edge in recent years as a result of mismanagement and executive in-fighting.
The company has called for the redemption of its outstanding Exchangeable Shares on April 10, 2012 and that CryptoLogic Callco ULC has given notice of its intent to exercise its overriding redemption call right to acquire all of the outstanding Exchangeable Shares (other than Exchangeable Shares held by CryptoLogic Limited and its affiliates).
- Aaron Goldstein, Gambling911.com
