CryptoLogic CEO Leaves Suddenly

27 February 2008

After less than a year at the helm of CryptoLogic, CEO Javaid Aziz, 54, has suddenly retired. A prepared statement says he has left corporate life to be with his family.

"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 completed two significant acquisitions in the Asian market as well as two investments in Europe. He is replaced by Brian Hadfield, who joined the company last year as a director.

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

CryptoLogic is due to release fourth-quarter and year-end earnings in mid March. The company expects fourth-quarter revenue to be between $17.5 and $18.5 million, with net earnings between $2 and $3 million.

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