New LeaderApril 14, 2007, 6:42 pm (10 years ago)
After months of industry speculation have come to a halt, the announcement was made today by Cryptologic, that Javaid Aziz is to become its new CEO and President. Aziz will be based in Dublin following the turnkey provider's head office move to Ireland.
The departure of Aziz's well respected predecessor Lewis Rose has been on the cards since September last year, when the move to Dublin was announced and Rose intimated that he would step down as Crypto's highly successful CEO and President. Sometimes people that are involved in a company do not wish to relocate and if the fact that they will have to ever come up they sometimes just step down to prevent from having to move.
Javaid Aziz brings 30 years of technology management to the Cryptologic table, having served as chief executive of IBM UK. Following this high powered position he went on to found Aspective Ltd., a leading wireless application service provider and consulting firm.
CryptoLogic plans to hold a special meeting of shareholders in May to approve the reconstitution of the company into a United Kingdom company resident in Ireland, whose shares will be listed on the Toronto Stock Exchange, NASDAQ Global Select Market and the London Stock Exchange.
Lewis Rose, the company's CEO since July 2002, has assisted in the transition and is an advocate of the move to Ireland as the next logical step in CryptoLogic's evolution. Sometimes that relocation of a company can bring in more revenue and make the company a bigger hit than what it is now in the present location. At the time of the September 2006 announcement, Rose announced his intention to step down as CEO because of family commitments, effective upon the hiring of the new CEO.
"As the pioneer and leader of the global e-gaming software industry, CryptoLogic is one of the world's great technology success stories," Aziz said. "No matter where you go, CryptoLogic's brand is synonymous with integrity, innovation and financial performance. I'm excited to lead the CryptoLogic team as we set a course for continued growth and expansion in the U.K., Europe and Asia."
Aziz brings impressive experience in leading an advanced technology business. Between 1975 and 1995, he held positions of increasing responsibility at IBM, ascending to the rank of chief executive for the United Kingdom. Following four years as senior vice president of Silicon Graphics, Aziz founded Aspective in 1999 and sold it in 2006 to Vodafone Group Plc, the global mobile phone and Technology Company.
"In Javaid Aziz, CryptoLogic has chosen an experienced leader in both the management of an innovative technology company - and a global business based in Europe," said Robert Stikeman, CryptoLogic's Chairman. "Lewis Rose has laid an excellent foundation - and we're confident Javaid will build on this success."
Aziz succeeds Rose, under whose leadership CryptoLogic consistently achieved new records in revenue and earnings. Rose led the company's entry into the Internet poker industry and built one of the top revenue-generating poker networks in the world, as well as creating one of the most innovative casino offerings in the industry.
Recognizing the regulatory uncertainty in the U.S. e-gaming market, Rose successfully shifted CryptoLogic's business to Europe. He built new and enduring partnerships with many of the world's blue-chip gaming and entertainment brands, including William Hill, and more recently, Playboy and Holland Casino. Rose also established CryptoLogic's first presence in Asia, grew revenue from $34 million in 2002 to more than $100 million in 2006, and grew the company's market capitalization from CDN$92 million in 1992 to CDN$400 million today.
"Working with the outstanding people at CryptoLogic has been one of the major highlights of my career," Rose said. "Together, we've taken a young, entrepreneurial company and transformed it into a business that's built to last, built to grow and built to win. With an outstanding new CEO, supported by the management team that I've been privileged to lead, CryptoLogic is set for success in the hottest e-gaming markets of today and tomorrow."
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