888 FOUNDER MOVES ON
8 January 2010
Top technical director resigns to spend more
time with his family
One of the longest established and best known companies
in the online gambling industry, 888.com, has announced
the departure of one of its founding directors.
Non-executive director Shay Ben-Yitzhak, has resigned
with immediate effect to spend more time with his
family. Ben-Yitzhak, who holds a BSc in computer science
from the Israel Institute of Technology, has been a
non-executive director since June 2006, and was
previously the chief technical officer of the company.
He has been in charge of research and development since
the establishment of 888's research and development
centre in Tel Aviv in 1998.
He was formerly a
software engineer for Tower Semi Conductor Limited and
CIBAM Technologies Limited.
888.com chairman
Richard Kilsby, said: "I would like to express on behalf
of the board and all at the company our appreciation of
Shay's contribution as one of the original founders of
the business, and in growing the company from its
infancy to where it is now. We wish him all the best for
the future."
In related news, Israeli business
news site The Marker reported Saturday that another
co-founder of the company, Aharon Shaked, had passed
away at age 58 following a long and courageous battle
with illness.
Previously a dentist, Shaked made
a fortune in the online gambling world together with his
brother Avi Shaked after they established 888 Holdings -
then Cassava Enterprises - in 1997.
Industry
history records that 888's pioneering online gambling
concept was born at a dentistry conference in Monte
Carlo in the 1990s, when Shaked noticed the large
amounts of people gambling in the tiny principality's
legendary casino. Returning to Israel, he carried the
idea further with his brother, visiting land casinos in
the southern Israeli city of Eilat, where they augmented
their almost non-existent knowledge of gambling and
studied how it could be translated to the nascent
Internet environment.
The brothers reportedly
mortgaged their homes in 1995 to provide the funds they
needed to start 888.com, building it successfully to
acceptance on the London Stock Exchange in 2005. Aharon
and Avi Shaked owned 70 percent of the stocks, each
eventually selling shares worth $91.3 million, but
retaining stock worth $267 million each.
Aharon
Shaked is respected for the extensive philanthropic work
that he has carried out with his wealth.
Online Casino News Courtesy of
Infopowa
More news here.
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