Betfair, the online betting company, says its current Chief Financial Officer, Stephen Morana, will act as the group's interim Chief Executive until August 2012.
Betfair, which also released its half yearly results today, has previously said that by August next year Breon Corcoran, formerly of Paddy Power, will take up the reins from the current CEO David Yu.
Betfair's Chairman, Edward Wray, commented: "Stephen has been with the Group since 2002 and all those who know him appreciate...his knowledge, understanding and passion for the business."
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
David Yu added: "I have thoroughly enjoyed my time at Betfair. When I started back in 2001, we were a small team of just 40 people in London generating revenues of around £400,000 and are now the largest betting exchange in the world, with 2,000 employees and revenues of nearly £400m."
Betfair's share price has fallen 16% so far this year, over the last five years the shares are down 48%.
Betfair's interim results
BS
-
New Chase bonus deal takes savings rate to 4.75% – is it worth it?Chase’s latest savings deal propels it into first place in the best-buy tables, but there are some pitfalls to look out for
-
Review: Trasierra – a yoga retreat in the Spanish hillsFlora Connell joins a yoga retreat at Trasierra, in the Sierra Morena mountains north of Seville
