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Betfair search on for new chief executive

27 June 2011

LONDON, England -- Betfair's shares took a hit on the news that chief executive David Yu is leaving the company, The Guardian reported.

David Yu announced he was leaving the company on Monday after 10 years in the position, the report said.

Yu will remain with Betfair until his successor is found, and his departure is seen by analysts as an opportunity for improvement, with some reservations acknowledging the company's problems include structural ones, The Guardian reported.

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