Betfair chief executive officer David Yu said he will not seek to renew his contract with the exchange wagering company when it expires in October 2012.
The Great Britain-based company, which also owns the TVG racing network in the United States, officially announced Yu’s plans in a June 27 release. The Racing Post, which a day earlier reported that several executives had left Betfair, indicated Yu’s departure announcement was imminent.
Yu joined Betfair 10 years ago and has served as CEO for six years.
“I have discussed my plans with the board, and as a result we are beginning the search for my successor,” Yu said in a statement. “We are announcing this now so we can actively and transparently begin the process. I will remain committed to delivering the best for our people and our shareholders, and will give the board all possible support during the succession process so we can find a great, new CEO to steer Betfair through its next phase of growth.”
“We understand why after 10 years David would like to start thinking about the next stage of his career and, in time, hand the reins over to a new CEO,” Betfair chairman Edward Wray said. “The open manner in which we will conduct the search will make it easier for us to find the best candidate for the role.”
Other newspaper reports in Great Britain said the timing of Yu’s departure less than a year after Betfair’s initial public offering was unfortunate. Betfair stock fell after the announcement.