Betfair gambles on interim boss

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."

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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