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News Bite: Betfair's Wray Steps Down

As highlighted in the feature on Betfair and its struggles since going public, the betting exchange has been swept by a wave of management departures. The list is more than 15 long, including outgoing Chief Executive David Yu, who in June announced plans to step down as chief executive next year.

And it only continues to grow. Earlier this month, Andrew Twaits, Chief Executive of Betfair Australia, resigned. Now co-founder Ed Wray is stepping down as chairman.

Wray said the company has begun looking for a replacement: “The intention is for this person to take over from me as Chairman at an appropriate time in the future. At that point the Board will be compliant with the [Combined] Code [on Corporate Governance] in all respects.”

No reason has been given for his departure. Both Wray and Betfair declined to comment.

Betfair shares were down as much as 9% in today’s trading. Click here to read more about the company.

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