avagan, a Fellow of the Institute of Chartered Accountants in Ireland, joined CryptoLogic's board as an independent non-executive director in June 2008. He will succeed Robert Stikeman, who steps down as chairman but continues as a non-executive director. He has more than 29 years' boardroom experience at many public and private companies and was the co-founder and managing partner of a private equity fund.
"I am honored to succeed Robert Stikeman, who helped pioneer the Internet gaming industry and provided strong leadership as CryptoLogic's chairman for the past six years," Gavagan said. "As CryptoLogic enters a new stage of its development, today's announcement reflects our continued commitment to the highest standards of corporate governance and to long-term value for our shareholders."
CryptoLogic also announced last week that it proposed to appoint James Wallace as an independent non-executive director at the annual meeting. Wallace's appointment, if approved by shareholders, will increase the total number of independent directors to four.
Wallace, a Fellow of the Institute of Chartered Accountants in England & Wales, has extensive experience as a public company director. He is currently chairman of Scapa Group plc, the senior independent non-executive director and audit committee chairman of NCC Group plc, and a non-executive director of the Manchester Airport Group. In the past, He has served as chairman of Bodycote International plc, senior independent non-executive director of Holidaybreak, chairman of Sigma Capital Group plc and chairman of the audit committee of Sanctuary Group plc.