Posted 5/20/11 :
Executives said to have turned the rudder too late to rectify companies ailing fortunes
Casinos Austria International (CAI), owner of UK-based online gaming platform CAIGAMES.com has announced the resignation of two senior members of its management team.
Chief executive officer, Paul Herzfeld and chief financial officer Josef Leutgeb "have stepped down from the management board at their own request with immediate effect and will be leaving the company" a CAI statement said.
Directors of Casinos Austria AG will assume the management of CAI and Alexander Tucek (Operations), Claudia Dotter (Legal) and Wolfgang Sperl (Finance), who have been appointed authorized company signatories, will manage the day-to-day business at CAI.
The final decisions on these appointments will be taken at the next CAI General Assembly meeting.
CAI posted poor results with a net loss of Euro 35.2 million in 2010 down from a profit of Euro 12.6 million in 2009.
Casinos Austria's chief executive officer, Karl Stoss and the companies supervisory board put a rehabilitation plan into play which Leutgeb and Herzfeld were tasked to implement.