TIDMBET

RNS Number : 1416J

Betfair Group PLC

27 June 2011

27 June 2011

Succession process for CEO of Betfair to begin

After ten years with Betfair, and nearly six as CEO, David Yu has informed the Board that he believes it is now the right time for the company to start looking for his successor. He does not intend to renew his current contract (which expires in October 2012) and therefore the Board will now begin a search process for a new CEO. During the process of identifying his successor, David will remain fully committed to the Company and to delivering the plans for future growth.

David Yu said,

"I have discussed my plans with the Board and as a result, we are beginning the search for my successor. We are announcing this now so we can actively and transparently begin the process. 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."

Edward Wray, Chairman, said:

"We understand why after ten years David would like to start thinking about the next stage of his career and, in time, hand the reins over to a new CEO. The open manner in which we will conduct the search will make it easier for us to find the best candidate for the role. With the Board's full support, David will continue to focus on delivering against the business' plans as we search for his successor."

For more information contact:

 
 Media:                                  Investors / Analysts: 
  Tessa Murray                            Mark Brooker 
  Director of Corporate Communications    Director of Corporate Development 
  Tel: +44 20 8834 6794                   Tel: +44 20 8834 6286 
  tessa.murray@betfair.com                mark.brooker@betfair.com 
 Powerscourt 
  Rory Godson 
  Paul Durman 
  Roddy Cameron 
  Tel: +44 20 7250 1446

This information is provided by RNS

The company news service from the London Stock Exchange

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