Online casino software developer Cryptologic Limited has reportedly turned down a petition from its former President and Chief Executive Officer, Javaid Aziz, for a seat on its Board of Directors.
According to a report from The Telegraph newspaper published just before Christmas, Aziz ran CyptoLogic for eleven months before stepping down in Feburary ‘to be with his family’.
The 31-year information technology veteran hails from the UK and previously served as the head of IBM United Kingdom after working as the Senior Vice-President for Silicon Graphics. He recently submitted a regulatory filing in the US that disclosed he owns four percent of CryptoLogic alongside an option to buy another 3.5 percent of voting rights.
In addition to his petition for a seat on the Board, Aziz stated that CryptoLogic should make cuts to its workforce and management in order to cope with the current global economic climate while simplifying the firm’s legal, tax and management structures by closing its Irish office and reducing the number of its market listings.
Aziz also called for ‘immediate writeoffs of failed investments or those which do not support the objectives of the 'new' company’.
Cryptologic rejected these demands and stated that it is already addressing a number of Aziz’ concerns. It revealed that it had achieved annual operating cost cuts of twelve to fifteen million dollars while restructuring its poker-related operations and expanding its casino business.
CryptoLogic stated that its measures ‘should be given sufficient time to be fully effective’ and highlighted the fact that Aziz, who left with a payoff of $1.8 million, is in line for a $2.02 million bonus if there is any change of control at the Dublin-based firm before April.