Group CFO Morana to take over Yu’s responsibilities
According to an announcement issued by the UK online gambling group Betfair plc, Stephen Morana, group chief financial officer since 2006, will become Interim CEO as of 1 January 2012, when he will take over David Yu’s responsibilities on the position and fill it until Breon Corcoran arrives in August 2012, upon completion of his responsibilities with Paddy Power.
It has been stated by Betfair chairman, Edward Wray in a press statement: "On behalf of the Board, I would like to thank David for his significant contribution to the business over the last ten years. During his time with us he has been instrumental in building Betfair into one of the world's largest international online sports betting operators. We are grateful for all his work and wish him well for the future.
"I am delighted that Stephen will be taking on the role of Interim CEO. He has been with the group since 2002 and all those who know him appreciate that his knowledge, understanding and passion for the business make him the ideal person to lead the company until Breon joins next summer.
"Stephen has the full support of the Board and will be assisted in his role by our strong management team. I look forward to seeing him keep up the momentum that Betfair has and continue to grow the business during this time."
Another statement arrived from David Yu, who said: "When I started back in 2001, we were a small team of just 40 people in London generating revenues of around GBP 400,000 and we are now the largest betting exchange in the world, with 2,000 employees and revenues of nearly GBP 400 million. I am very proud of my achievements at the company and feel confident that I leave it in great shape and with a bright future."
In a comment on his new responsibilities, Moran stated: "We have an excellent management team in place, strengthened by recent hires. I am confident we can maintain the current positive momentum and continue to drive the business on."