Betfair boss doubles pay

Kasmira Jefford
Follow Kasmira
BETFAIR awarded its two senior executives huge pay rises last year despite overseeing a disastrous entry to the London stock exchange last year.

David Yu, the group’s chief executive who announced last month he would be stepping down, received a pay package worth £824,676 in the year to April, up 125 per cent on the previous year, its annual report revealed yesterday.

Meanwhile Stephen Morana, its chief financial officer, saw his pay package more than quadruple to £1.6m last year compared with £300,000 the year before.

Yu and Morana’s package included a “senior executive incentive plan” (SEIP) entitling them to £300,000 and £1.2m respectively following the firm’s listing on the stock exchange.

Shares in the betting firm have slumped by 50 per cent since it floated last October at £13, closing yesterday at 653.5p.