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. Ronald Luniewski, executive vice president and chief operating officer, and Phillip C. Hermann, executive vice president and chief financial officer, will share CEO duties.
"While I intend to stay on as chairman of the board with the principal objective of pursuing potential opportunities for the company, I have elected to play a lesser role in the day-to-day operations of Youbet.com, which will allow more time for those potential opportunities," said Fell. "The board developed the new co-CEO organizational structure to join the two seasoned executive vice presidents of the company who have been instrumental in Youbet.com's development and growth."
He said the new management structure will correspond more closely to the company's evolving management responsibilities. Fell said Luniewski directed the developed Youbet.com's innovative online pari-mutuel technology, while Hermann played a key role in developing a strategic relationship with the Television Games Network earlier in the year.
"These individuals have taken a pronounced role in managing and directing both the day-to-day operations of this company, as well as in defining and executing on our competitive strategies and long-term growth opportunities," Fell said.
Luniewski will continue to oversee Youbet.com's operations, including product and sales development, and Youbet.com TotalAccess(TM), the company's Oregon-based wagering hub facility. He has been executive vice president since February 1999, and was president of You Bet! Inc. a former subsidiary of Youbet.com since March 1997. Previously, Luniewski held executive positions in software development, project management and business development for Electronic Data Systems.
Hermann will direct his attention primarily to corporate finance and strategic partnership development. He has served as executive vice president and chief financial officer of Youbet.com since May 1998. Hermann was previously executive vice president and chief financial officer of Strawberry Industries and vice president and chief financial officer of the Walt Disney Telecommunications Group.