December 14,2011 : Finance man takes over when Yu departs at the end of this year
The UK online gambling group Betfair plc has confirmed that Stephen Morana, group chief financial officer since 2006, will become Interim CEO as of 1 January 2012. David Yu will step down as CEO and as a director on the 31 December 2011.
Morana will fill the post until the arrival in August 2012 of Breon Corcoran on completion of his responsibilities with Paddy Power.
Betfair chairman, Edward Wray, said this week in a press statement: "On behalf of the Board, I would like to thank David for his significant contribution to the business over the last ten years. During his time with us he has been instrumental in building Betfair into one of the world's largest international online sports betting operators. We are grateful for all his work and wish him well for the future.
"I am delighted that Stephen will be taking on the role of Interim CEO. He has been with the group since 2002 and all those who know him appreciate that his knowledge, understanding and passion for the business make him the ideal person to lead the company until Breon joins next summer.
"Stephen has the full support of the Board and will be assisted in his role by our strong management team. I look forward to seeing him keep up the momentum that Betfair has and continue to grow the business during this time."
David Yu said that he had thoroughly enjoyed his time at Betfair.
"When I started back in 2001, we were a small team of just 40 people in London generating revenues of around GBP 400,000 and we are now the largest betting exchange in the world, with 2,000 employees and revenues of nearly GBP 400 million. I am very proud of my achievements at the company and feel confident that I leave it in great shape and with a bright future."
Moran said that he was looking forward to providing the strategic direction the business needed until Breon Corcoran arrived.
"We have an excellent management team in place, strengthened by recent hires. I am confident we can maintain the current positive momentum and continue to drive the business on," he said.