IPO = NO
CEO = GO
Betfair not planning imminent IPO, CEO goes
Stephen Hill has today resigned as Betfair’s Chief Executive.
A recent Board meeting which focused on the timings of any possible IPO confirmed that the Company has no plans to float in the immediate future. Stephen has therefore decided to pursue plans for a new venture, focusing on investment in small- to medium-sized companies and providing management, specialising in growth and turnaround situations.
Sir Robert Horton will take the role of Executive Chairman. Operational matters will be handled by Chief Operating Officer David Yu. The company will begin a search for a new Chief Executive, and an announcement will be made in due course.
Stephen Hill said, “I have enjoyed my time at Betfair and believe that I have done what I set out to do. The business is thriving; international expansion is progressing well; and our portfolio of products is growing. I am proud to have been associated with the company. However, I feel now is the right time to make this move.”
Sir Robert Horton, Chairman, said, “Stephen leaves us with a top class management team and the ability to scale significantly. We understand his reasons for leaving, and we wish him all the best in his new venture.”
Friday, October 14, 2005