Jul
5th

Betfair CEO Announces Resignation

David Yu, Chief Executive Officer for Betfair, has announced his resignation from the gambling giant after having been employed at Betfair for more than a decade and acting as Chief Executive Officer for the past six years. He will, therefore, not be renewing his contract with the exchange wagering company when it expires in October 2012.

Betfair, the Great Britain-based company who also owns the TVG racing network in the United States announced that they understand why David would be thinking about the next stage of his career and hand the reins over to a new CEO.

In a statement, Yu said that he had discussed his plans with the board as a result of which they are starting to search for his successor. He added that they are making the announcement now so that they can actively and transparently begin the process. He has undertaken to remain committed to delivering the very best for their people and their shareholders and will be giving the board all his support during the succession process to enable them to find a great new Chief Executive Officer who can steer Betfair through its next phase of growth.

It is felt that Yu’s announcement of his departure less than a year after Betfair’s initial public offering is unfortunate as the company’s stock has fallen since the announcement.

Betfair’s shareholders have actually been unhappy with David Yu’s performance since its flotation and it is felt that his departure may be as a direct result of the feedback that he received from these shareholders.

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