THE BOSS of Betfair has said he will not renew his contract, kicking off a search for a new chief executive at the world’s largest betting exchange.
David Yu (pictured) has been in charge of the online bookmaker for six years, after first joining the firm ten years ago.
He has told the board he does not want to renew his contract, which runs out in October 2012, and that it is the right time for the company to begin the hunt for his successor.
Betfair said that Yu will remain “fully committed” to the company during the transition period.
Yu has presided over a difficult period since the company floated on the London Stock Exchange last October.
Betfair’s shares have fallen from a listing price of £13 to close at £7.26 per unit yesterday.
One name tipped for the job is Stephen Morana, Betfair’s chief financial officer, although the company is also looking externally.
Betfair chairman Edward Wray said: “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.”