Crypto CEO steps down
David Baazov to replace David Gavagan as chief executive following Amaya takeover " four other execs leave
David Gavagan has resigned as chief executive of CryptoLogic with the company poised to be taken over by Amaya Gaming.
A former chairman of the Toronto-listed company, Gavagan replaced Brian Hadfield as CEO in August 2010 but will now himself be succeeded by current Amaya chief David Baazov.
CryptoLogic CFO Huw Spiers has also stepped down, as have board members Simon Creedy Smith and James Wallace and VP and general counsel Nick Catros, although Gavagan and Thomas Byrne will remain on the board.
Baazov also joins the board as an executive director while Divyesh Gadhia has been named as a new non-executive director, and Amaya CFO Daniel Sebag will take over Spiers’ CryptoLogic role.
A US$36m takeover deal was initially agreed in February, with the offer extended last week following Amaya’s agreement to acquire more than 80% of shares in the software developer. Discussions between the two parties dated back to December last year.
Following the advice of the Canadian solutions provider, CryptoLogic has moved to delist its shares from the Official List, while it has also applied to the London Stock Exchange for the cancellation of admission to trading of CryptoLogic Shares on its main market for listed securities.