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After seeing its share price plummet 47 percent since going public last October, the European betting exchange Betfair has announced its CEO David Yu will be stepping down in the coming months.
Yu has served as the Company’s CEO for six years and his schedule was supposed to run through October 2012. CFO Stephen Morana is expected to succeed Mr. Yu.
Betfair will release its first set of annual results this coming Wednesday.
Yu’s decision to step down was “not unexpected” following months of speculation.
The outgoing CEO said in a statement that his announcement comes now in order for Betfair to “actively and transparently begin the process” of finding his replacement.
Betfair has had to deal with increasing competition in the European online betting market amidst a rapidly changing regulatory environment. Newly introduced products such as the financial trading site LMAX have failed miserably.
- Aaron Goldstein, Gambling911.com
