Betfair Appoints New CEO

Published: Wednesday, January 04, 2006 Online-Casinos.com

BETFAIR APPOINTS NEW CEO

Several resignations from the Board announced


The major UK betting exchange group, Betfair has confirmed significant changes in its top executive structure.

The company has named Chief Operating Officer David Yu as its new chief executive to succeed Stephen Hill, who left after the company shelved plans for a share sale amid reports of some acrimony. Hill departed the company on October 14, about six weeks after the departure of Chief Financial Officer Owen O'Donnell.

Important Board changes have also taken place. Robert Horton has resigned as executive chairman effective immediately, along with non-executive directors Nick Irens and Justin Dowley. Tim Bunting has joined the board to replace Horton (see earlier Online-Casinos.com & InfoPowa report).

Reassuring the market, the Betfair statement revealed that the group still expects to meet financial goals for the fiscal year ending in May.