Garber joins from payments processing group FireOne where he recently vacated the executive chairman post.
His swift appointment was immediately welcomed by analysts who suggested he has the right profile for the post. “Mitch Garber is well-known and well-liked,” said Paul Leyland, analyst at Arbuthnot Securities. “He understands the space and that can only be good news for the company.”
Garber’s salary is understood to be £600,00 (US$1m) a year, while he has also received a £3.5m signing-on fee, including re-location expenses, and free share options worth £10m.
A matter of days after Segal resigned, Garber left his previous post at FireOne, saying he wanted to “pursue other opportunities within the internet gaming sector”.
A Canadian national, Garber is willing to relocate with his family to Gibraltar. Previous to FireOne, Garber managed a merger between payments processing group Terra Payments and its rival Optimal. He also oversaw FireOne’s float on the Alternative Investment Market (AIM) last year.
Jim Ryan, a former colleague of Garber and now chief executive of egaming software company Excapsa, said of Party’s new chief: “He is a great choice. He grew a great business at Optimal Group. I couldn’t be happier for him and look forward to competing against him.”
Garber, who was apparently also on other egaming companies’ wish-lists, is a qualified lawyer who has experience of advising companies on gaming and betting regulatory matters and of corporate mergers and acquisitions.
Segal resigned from his post at the time of its full-year results, citing an unwillingness to move his family to Gibraltar full-time.