Betfair yesterday said it had begun to search for a new deputy chair, who will replace Wray at an “appropriate time” in the future.
It is unclear whether Wray will continue to sit on the board.
The firm said Wray, who owns ten per cent of the firm, was stepping down to comply with the corporate governance code, which frowns upon chairmen with large shareholdings.
A quarter of shareholders refused to back Wray’s re-election as chairman at the firm’s annual meeting yesterday.
David Yu, the firm’s chief executive, said in June he would quit within a year.