December 7, 2011 : Gerald Corbett accepts appointment and will eventually replace co-founder Ed Wray as chairman
The Betfair online gambling group has announced the appointment of Gerald Corbett to its board of directors, effective 3 January 2012 and with the responsibilities of Deputy Chairman.
Corbett has considerable City experience having been a director of eleven public companies, four as chairman. He is currently chairman of Britvic Plc, Moneysupermarket.com Group Plc and the Royal National Institute for the Deaf. He is also a non-executive director of the investment and stock broking business, Numis Securities and of Towry Holdings Limited.
His career includes spells as chairman of SSL International plc between 2005 to 2010, where he oversaw the successful sale of the business to Reckitt Benckiser. He was chairman of the Woolworths Group plc between 2001 and 2007, and a director of Greencore Group between 2004 and 2010.
Corbett was CEO of Railtrack plc between 1997 and 2000. Previously, he was Group Finance Director for Grand Metropolitan plc and Redland plc. He has also served on the boards of MEPC plc and Burmah Castrol plc.
"At the time of the IPO Betfair made a strong commitment to move towards full compliance with the Combined Code on Corporate Governance and with this in mind, Gerald will take over from co-founder Edward Wray as Betfair chairman during the first quarter of 2012," the announcement advised. "At that point the Board will be compliant with the Code in all respects."
Current chairman, Ed Wray, said: "I am delighted that Gerald is joining the Board. His considerable experience of both the City and the commercial world will be a real asset to the Board and the business.
"This appointment lays the foundations for us to complete our succession plan and enables us to revert to standard governance practice. I look forward to working with Gerald and ensuring a smooth transition for him into the role of Chairman."
Corbett said: "The business has achieved a huge amount in its first eleven years and I look forward to working with my new colleagues on the next phase. There are opportunities and challenges and we are well positioned to continue our success."