Lonny Powell has stepped down from his executive position with Youbet.com, joining others who have left the California-based advance deposit wagering company in recent months.
Youbet.com reported a decline in overall handle and increase in total revenue for the third quarter of 2007, but a related earnings conference call with analysts Nov. 7 was punctuated by discussion of the federal investigation involving the company's off-shore entity, International Racing Group.
Former Youbet co-founder and chief executive officer David Marshall has resigned his position as vice-chairman of the company's board of directors, according to an Oct. 30 filing with the U.S. Securities and Exchange Commission.
Youbet.com president Charles Champion has been promoted to chief executive officer of the online racing and wagering company effective immediately.
Youbet.com is on solid footing, according to the California online horse racing and wagering service's top executive. Chief executive officer David Marshall said he expects substantial increases in revenue and to secure additional capital within the next three months.
Youbet.com reported Monday that revenues rose 59% and operating expenses increased 32% during the first quarter of fiscal year 2002 and announced the election of Larry Lucas as chairman of the board.
Youbet.com notched its second leg of the Triple Crown Monday when it signed a two-year marketing and content agreement with the Maryland Jockey Club.
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.
A founder of Youbet.com who recently rejoined the pari-mutuel wagering network says the company's new management team is focusing on marketing, cooperative efforts with racetracks, and raising capital.
David Marshall has officially taken charge of Youbet.com, a California online horse racing and wagering service that he co-founded.
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.
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