Crypto CEO Aziz Retires, Hadfield to Step up

27 February 2008

After less than a year at the helm of CryptoLogic, CEO Javaid Aziz has very suddenly retired from the company, it was revealed today.

Aziz, 54, took over as CEO of the company in April 2007. He left corporate life to "be with his family," according to a prepared statement.

"In a dynamic business, it's never an easy time to make a personal decision, but I do so with great satisfaction about CryptoLogic's accomplishments, and great confidence in its future," Aziz said.

"CryptoLogic has achieved renewed stability and profitability in the past year, and the company is set for continued global growth in the years to come," he added.

During his short tenure with CryptoLogic, Aziz has succeeded in completing two significant acquisitions in the Asian market as well as two investments in Europe.

Aziz is replaced by Brian Hadfield, who joined the company last year as a director.

Former Crypto Chief Executive Lewis Rose, whom Aziz replaced, also left CryptoLogic for "family reasons" when the company transitioned its headquarters from Toronto to Dublin in early 2007.

Meanwhile, the company is due to release fourth-quarter and year-end earnings in mid March.

It said today that it expected fourth-quarter revenue to be in the range of $17.5 to $18.5 million, with net earnings between $2 and $3 million.

On the London Stock Exchange, shares in Crypto were up 0.01p (0.1 percent) to 8.99.

Emily Swoboda is the senior staff writer at IGamingNews. She lives in St. Louis, Mo.