After 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.