Youbet.com announced the resignation of Phillip Hermann as chief financial officer at the same it welcomed Guy Chipparoni to its board of directors. Hermann is the fifth officer and/or director to leave Youbet.com since November.
Youbet.com has appointed Charles Champion as its new president and chief operating officer effective immediately.
Ron Luniewski, the co-chief executive officer of Youbet.com, is resigning from the online horse racing wagering company to run Magna Entertainment's new XpressBet interactive wagering business.
Youbet.com co-founder David Marshall is investing $750,000 in the online pari-mutuel wagering service and assuming the positions of chairman and chief executive officer.
Youbet.com's significant decreases in third quarter revenue and handle is being blamed on the weak economy and the aftermath of the Sept. 11 terrorist attacks in New York and Washington, D.C. Revenue fell 19% to $1.13 million for the third quarter ending Sept. 30, down from $1.39 million for the same period of 2000. Handle also dropped 16% to $18.8 million, down from $22.4 million a year ago.
Robert Fell has stepped down as chief executive officer of Youbet.com, an online horse racing and wagering company, and will be replaced by two men. Vice presidents Ronald Luniewski and Phillip C. Hermann will share CEO duties.
