CryptoLogic Limited (CRYP) Loses CEO
After announcing disappointing earnings for the second quarter of 2010, Brian Hadfield is leaving CryptoLogic Limited (CRYP: 1.55 +1.97%).
Hadfield has resigned effective immediately from his position as Chief Executive Officer and Director of the internet gaming developer, a position he has held since 2008.
The reasons for Hadfield’s immediate departure is unknown, however market speculation has indicated that the companies record losses for the period ending June 30 was behind the separation.
Chairman, David Gavagan will assume the position on an interim basis until a permanent replacement can be found.
Huw Spiers will begin his role as Chief Financial Officer on August 15 and the two will work together on future restructuring plans that will include a reduction in the workforce.
During the quarter CryptoLogic said that revenue was down resulting in a net loss of $12.7 million, citing a decrease in poker revenue and rising cost as the reason behind the poor financials.