Bwin.party co-CEO set to retire in January

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LONDON (ShareCast) - Jim Ryan, the co-Chief Executive Officer of bwin.party, has announced his plans to retire from the role and return to Canada with his family.

He will retire on January 15th, and on the same date his fellow co-CEO, Norbert Teufelberger, will assume the new role of Group CEO.

Simon Duffy, Non-Executive Chairman said: "Having lived and worked in Gibraltar for the past six years, initially as CEO of St Minver, Jim joined PartyGaming (Berlin: P2G1.BE - news) as CEO in June 2008. Following the merger with bwin Interactive Entertainment AG in March 2011, he became co-CEO of the enlarged group.

"Together, he and Norbert have been instrumental in overseeing the integration of both companies as well as the launch into a number of newly regulated European markets and driving the group's strategy to re-enter the US should appropriate legislation be enacted. As the merger integration approaches its final stages, and having secured a series of strategic partnerships including MGM, Boyd Gaming (NYSE: BYD - news) , United Auburn and Zynga, Jim now wants to return to Canada with his family.

"The transition to regulated markets is continuing and we are entering a period of intense product and technology innovation that will now be led by Norbert Teufelberger, whose experience, as one of the pioneers in online gaming, is probably unrivalled."

He added that: "Together with Norbert, Jim has been a driving force behind the merger. His expertise and passion for the group's gaming products have been instrumental in ensuring that the merger integration has proceeded as planned, putting the group in an excellent position to remain at the forefront of the global online gaming market."

NR