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Betfair's CEO departure confirmed

betfair ceoAccording to the Reuters news agency, Yu informed the Executive Committee that the time has come for the company to find a successor. He does not intend to renew his current contract (expiring in October 2012) and the Committee will therefore have to search for a new CEO.

Yu will ensure a smooth transition

The online casino Betfair said in a statement that Yu will remain fully engaged in the service of the company during the recruitment process and will continue to implement the forecasted growth plans.

The publication “Digital Look” confirmed the information saying that Yu wants a change after six years at the helm of the company.

Germany is considering an online gambling ban

The release notes that Yu introduced the company onto the stock exchange in October 2010 but that the shares have decreased by 52% with revenues of about 340 million pounds sterling. He also drew attention to the news harmful to the company, that the new tax scheme contemplated by Germany would actually prohibit online gambling all together.

Germany currently accounts for 5% of Betfair’s revenue.

Yu is involved in the recruitment process

Yu told the publication: "I have discussed my plans with the Board of Directors and, following this, we have begun the process to find a successor." We're announcing it now to begin the process actively and with transparency.

"During this transition phase I will continue to ensure the interests of our players and our shareholders." he added.