Betfair confirms Yu departure

Eric Bianchi
June 27, 2011
12 Comments

David Yu resigningAfter first being muted here the other day, Betfair has confirmed that CEO David Yu has decided to call it quits. Yu’s decision not to renew his contract is the highest profile departure after just about everyone else decided that enough was enough. The incumbent has until October 2012 on his current contract by which time he will be long gone.

Upon the news, Yu commented, “I have discussed my plans with the Board and as a result, we are beginning the search for my successor. We are announcing this now so we can actively and transparently begin the process. I will remain committed to delivering the best for our people and our shareholders and will give the Board all possible support during the succession process so we can find a great, new CEO to steer Betfair through its next phase of growth.”

It comes as Betfair prepares for the release of its first set of full-year results on Wednesday. They’re the first since the company went public late last year and its time since then has been about as eventful as Charlie Sheen has over the same period. The revolving doors coupled with a number of unfavorable forecasts has sent the stocks plummeting and if we were Yu, we’d have gone as well.

Chairman Ed Wray added, “We understand why after ten years David would like to start thinking about the next stage of his career and, in time, hand the reins over to a new CEO. The open manner in which we will conduct the search will make it easier for us to find the best candidate for the role. With the Board’s full support, David will continue to focus on delivering against the business’ plans as we search for his successor.”

It just goes to show that the IPO-way is not usually the best way.

If you have any further information related to this story that you would like to share with us privately please click here.

Can't get enough CalvinAyre.com? Follow us on Twitter and Facebook, then you'll never miss out on the latest gaming industry news.

Share
Tags: Article, Betfair, David Yu
Views and opinions expressed are those of the Author and do not necessarily reflect those of CalvinAyre.com
  • Franco

    “It just goes to show that the IPO-way is not usually the best way.” – fantastic! shareholders turned him down?

  • http://www.facebook.com/calvinayre Calvin Ayre

    IPOs have their place, but they also have a lot of baggage, especially in an industry that is so over regulated already.

  • Bobby11_11

    I sat around the same Management Table as him prior to the IPO.

    I told them I don't think they should go public since the cost of acquisition seems so high further you should grow your business internationally prior to IPO, I was replaced :) .

    I saw him he replace some Managers now he will be replaced.

  • http://calvinayre.com/2011/06/28/business/batfair-going-mobile-with-openbet/ Betfair signs with OpenBet, Sportingbet reshuffles | Business news

    [...] and user-friendly offering that will appeal to our players.” It comes the day after David Yu confirmed the rumors that he would be [...]

  • http://calvinayre.com/2011/07/03/business/sunday-times-questions-betfairs-capacity-for-growth/ Sunday Times Questions Betfair’s Capacity For Growth | Online Gambling News

    [...] model beyond the sports world into share-trading (LMAX) has been underwhelming. Nevertheless, outgoing CEO David Yu rejected Goodman’s assertions that Betfair had stopped innovating, pointing to the [...]

  • http://calvinayre.com/2011/07/09/business/betfair-shares-hit-record-low/ Betfair Shares Hit Record Low On Growth Concerns | Online Gambling News

    [...] in the works, the company will likely never achieve the new growth it so desperately craves. David Yu has already deployed his ejection seat, meaning Betfair will have a new CEO by October. Unless he/she arrives holding a secret blueprint [...]

  • http://calvinayre.com/2011/07/11/business/betfair-raids-pwin-for-staff-member/ Betfair appoints new Director | Business news

    [...] to get ants in their pants over the company’s lack of underlying growth. Betfair also had to absorb the loss of CEO David Yu recently and have even been described recently as “effectively turning into a conventional [...]

  • http://calvinayre.com/2011/08/04/business/betfair-cto-talks-technical-challenges/ Betfair CTO’s Tech Challenges As Shares Bottom Out | Online Gambling News

    [...] the company faces. Bodog currently has Paddy Power COO Breon Corcoran as the favorite to take outgoing CEO David Yu’s place at Betfair’s helm. (Betfair’s own COO Niall Wass is a distant second.) But unless [...]

  • http://calvinayre.com/2011/09/23/business/betfair-bars-guardian-writer-from-agm/ Betfair Bars Guardian Writer From AGM | Online Gambling News

    [...] much trouble finding his way out of Betfair, with a well-worn path having recently been laid by CEO David Yu; chief product and services officer Mathias Entemann; head of mobile Charlie Palmer; director of [...]

  • http://calvinayre.com/2011/10/01/business/betfair-security-chief-announces-departure-after-data-theft/ Betfair Security Chief Departs After Data Theft Report | Online Gambling News

    [...] bid Betfair buh-bye since the company went public in October 2010, including its top two execs, CEO David Yu and chairman Ed Wray. But the ranks of Betfair’s digital watchmen have been particularly hard hit [...]

  • http://calvinayre.com/2011/10/26/business/betfair-one-year-on-the-london-stock-exchange/ Betfair One Year on the London Stock Exchange | Business News

    [...] had dropped even further to 715p at the end of June came one almightily bad week. It began with CEO David Yu announcing his departure on June 26 – a common theme at Betfair and ironic considering one of the major reasons for going [...]

  • http://calvinayre.com/2011/11/06/business/corcoran-tipped-as-new-betfair-ceo/ Breon Corcoran Tipped as New Betfair CEO | Online Gambling News

    [...] Betfair’s new CEO sometime next week. In June, current Betfair chief exec David Yu announced his intention to ride off into the sunset after six years at the helm, during which he helped shepherd the betting exchange through its [...]