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, 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
![https://cdn.mos.cms.futurecdn.net/flexiimages/mw70aro6gl1676370748.jpg](https://cdn.mos.cms.futurecdn.net/flexiimages/mw70aro6gl1676370748-320-80.jpg)
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
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
-
Regulator moves to protect access to cash amid branch closures and disappearing ATMs
News The Financial Conduct Authority has told banks to start assessing if local communities have adequate cash access from mid-September
By Marc Shoffman Published
-
VAT hike on private school fees could come earlier than previously expected
The government could start charging VAT on private school fees as soon as January 2025, according to the latest reports. What does it mean for parents?
By Katie Williams Published