BETFAIR FOUNDER AND CHAIRMAN TO STEP DOWN

Thursday September 22, 2011 : Wray will retain a 10 percent stake in the business, but is on the way out

The UK business news site This Is London reports that Betfair co-founder and chairman Ed Wray is to step down as chairman on a yet to be determined date, retaining a ten percent interest in the company.

The news will come as an unpleasant surprise to investors who have seen the share price dwindle following the group's IPO, and an exodus of middle and senior managers that has included resignations by the Australian regional CEO Andrew Twaits, and the group CEO David Yu.

Wray has informed the market that the board is currently looking for a new deputy chairman to replace him when he departs; it is not yet clear whether he will remain on the board after leaving.

Wray said that the search for a successor to Yu, being conducted by executive headhunters Zygos, was progressing well. “We are confident that we will get a great new leader for the business and will update you on progress in due course,” he said.

Betfair shares listed at GBP 13 but have plunged to 715p. Among the top managers who have departed recently are chief product and services officer Mathias Entenmann, head of mobile Charlie Palmer, director of architecture, research and prototyping Matt Carter, director of UK sports and gaming Lee Cowles, and chief executive of financial betting exchange LMAX, Robin Osmond.

The company has also been criticised on the pay rises awarded to CEO Yu and finance chief Stephen Morana.

Speaking to investors at the company's annual meeting Thursday Wray said: "We look to the current financial year with confidence and a strategy that will cement our position as the leading online betting operator."

3 Top Bitcoin Poker Sites - Bitcoin, in particular, is a cryptocurrency that you can use on various online poker sites and it allows a faster and cheaper way to get money into and out of the online poker site.

Kentucky Derby Odds: Justify still Favorite - With all the races on the Road to the Kentucky Derby complete, Justify is still on top of the odds list at 4/1. But he’s got company: Mendelssohn (9/2), Audible (11/2) and Magnum Moon (8/1) are all very much in contention for the big race on May 5.

888Poker Takes Over the States - With more and more states moving toward online casino integration, an increasing number of international players are moving in on American territory. Who will take the crown of the most popular online poker venue in the United States?

Top gambling ICOs to watch this year - The gambling ICOs that are being launched in 2018 are of better quality. Unlike the last half of 2017 when ICOs were numerous, the first few months of 2018 have seen a big drop in number.

MPN Poker Tour Bratislava | Day 2 - It was a hard fight around the bubble, culminating in the elimination of Georgios Drakakis in 46th place. He received a surprise consolation entry into the next MPNPT stop in Sunny Beach, Bulgaria (5-8 July), which softened the blow of missing out on a €900 min-cash.

MPN Poker Tour Bratislava Day 1B - Dorey Captures Chip Lead After MPNPT Bratislava Day 1b Triples 1a Field Size. The second flight of the €550 MPN Poker Tour Bratislava Main Event is in the bag, and so are the chips of 97 players who will be returning along with the 26 Day 1a survivors to fight to the money and beyond today

MPN Poker Tour Bratislava Day 1A - The MPN Poker Tour has arrived in Bratislava for the very first time, bringing with it the Tour’s friendly mix of local and globe-trotting poker enthusiasts, pros and qualifiers to the beautiful Slovakian capital.