Tuesday, November 22, 2011 : Resignation prompted by being overlooked for top job
Niall Wass, Betfair's chief commercial officer for the past eight years, is reported to be leaving the online betting exchange following the appointment of Paddy Power's chief operating officer Breon Corcoran in the position of chief executive.
Industry sources intimate that Wass was understood to be the strongest internal contender for the top job and was unhappy at being overlooked, according to a Reuters report.
An unnamed Betfair spokesperson has reportedly confirmed Wass' departure saying: "Niall played a key role in bringing Betfair to where it stands today and we wish him every success in the future."
Wass will be leaving Betfair to join short-term loan provider Wonga in the role of chief operating officer.
Errol Damelin, chief executive and founder of Wonga said in an e-mailed statement to Reuters: "I'm delighted to welcome Niall on board and he will be a real asset as we continue to build a world-class consumer and technology business."
With the slew of senior management departures over the past year and an almost 50 percent decline in share price since the company’s IPO in October last year, it will be interesting to see what the future holds for Betfair.