Betfair Chief Executive David Yu today announced that he will be leaving the giant online exchange
.
A report by The Guardian states that Yu, 43, does not intend to renew his contract, which is scheduled to expire in the fall of 2012. Yu, who has been with the company for 10 years, has been chief executive of Betfair for the past six years. He was cited as saying that he will stay with the company while it conducts a search for his replacement.
"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," Yu said.
Betfair's shares have recently hit a low since it announced its flotation in October, 2010.
(With files from The Guardian)
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