PartyGaming, the online poker company, is to pay new chief executive Mitch Garber a sign-on fee of $6m (£3.4m).

Mr Garber, who starts in April, will earn a base salary of $1m and is entitled to a performance-related bonus equal to 100 per cent of his salary. In his first year with the company he will also receive an additional 7m of nil cost share options – meaning he does not have to pay for them.