Stephen Morana, the Chief Financial Officer at Betfair gambling group, will become the company’s interim CEO as soon as David Yu leaves the post on January 1.
Betfair operates in full compliance with British gambling laws and is one of the most popular online sportsbooks in Britain and worldwide. Morana will remain in power until August 2012, when Breon Corcoran will fulfill his obligations with Paddy Power and become the new permanent CEO of Betfair.
Edward Wray, Betfair chairman, commented: “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.”
He talked to United Kingdom gambling news about the new appointment: “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.”
Wray went on to say: “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 Sportsbook has and continue to grow the business during this time.”
David Yu commented his departure: “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 online sportsbooks in United Kingdom and 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.”