Wray Steps Down from Position of Betfair Chairman

Betfair co-founder to keep a 10 percent stake in the business

An announcement came this week that Betfair co-founder and chairman Ed Wray is to leave the position of a chairman of the company, but that he is still to keep his 10-percent interest in the company.

This may or may not be a surprise but it is certainly not a pleasant news, having in mind that prior to this a number of the group's staff members departed, including the Australian regional CEO Andrew Twaits, the group CEO David Yu, chief product and services officer Mathias Entenmann, head of mobile Charlie Palmer, director of architecture, research and prototyping Matt Carter, director of UK sports and gaming Lee Cowles, and chief executive of financial betting exchange LMAX, Robin Osmond.

According to Wray, the board has already begun a search for a new deputy chairman to replace him when he departs. In addition, he said that the search for a successor to Yu, conducted by executive HR company Zygos, was going well. 'We are confident that we will get a great new leader for the business and will update you on progress in due course,' he said.

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