Sir Robert Horton has resigned as Executive Chairman effective immediately, along with non-executive directors Nick Irens and Justin Dowley. David Yu has been promoted from Chief Operating Officer to Chief Executive, while Tim Bunting has joined the Board taking over as Chairman.
A source close to the company suggested that Sir Horton had been unhappy with the decision by the shareholders to appoint Yu without an external search. “David Yu is a technological whizz but he’s never run a company.”
Analysts believe that the appointment of Yu is a move by founders Wray and Black, who own a 30 per cent stake, to take back control of the company.
Betfair\’s blue chip-backers, which include Benchmark Capital, UBS, JPMorgan and a fund controlled by French tycoon Bernard Arnault, were supportive of the changes.
The betting exchange said in a statement that it remains on course to meet financial goals for the fiscal year ending in May.
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