Betfair Launches Search for New Chief Executive
Betfair CEO has announced that he will be leaving the organisation after ten years at the sports betting firm. The UK based internet sports betting company Betfair has launched a search for a new chief executive in the midst of a rocky period for the firm.
The organisation, which first burst on to the scene back in June 2000, has been experiencing a difficult few months after its October listing on the London stock exchange. The current CEO, David Yu, has announced that he will be not be renewing his contract after six years in the post.
The 43 year old Yu, who has served the organisation for nearly a decade, has declared that it is time to recruit a new successor once his contract terminates in October of next year. He remains adamant that he is “fully committed to the company” and will use his remaining time to push forward ongoing plans for “future growth”. Betfair Chairman Edward Wray paid tribute to Yu’s work and said that the recruitment process would be conducted in an “open manner” as experts seek out the “best candidate for the role”.
Industry analysts have welcomed Yu’s decision – suggesting that the move could bode well for the company as a whole. Investec Securities’ Paul Leyland said that a replacement could pave the way for fresh opportunities and positive change but acknowledged that Betfair’s difficulties were “as much structural as leadership related”. He went on to say that Yu’s replacement would need to display a willingness to both listen “internally and externally”. Analyst James Hollins, meanwhile, echoed Leyland’s concerns – drawing attention to Betfair shares which were down by 2.5% (18 pence) earlier this week. Experts will be looking on with keen interest as the search gets underway.