by Renee Israel
Stephen Morana, the Chief Financial Officer for the betting exchange and
casino operator, Betfair, announced his resignation earlier this week.
Morana, who has been with the company for a decade, and who has been also
serving as interim CEO since December, told Betfair that he would remain in his
role until someone is found to fill the CFO position.
"I have informed the board that I intend to step down once a successor in the
Chief Financial Officer role has been identified," said Morana this week, after
announcing his resignation from Betfair.
He spoke of a "very difficult decision" which he had to make, "but I feel the
time is now right for both me and the company to move on."
Morana said that he had been incredibly lucky to have been part of the
Betfair success story over the past ten years and he was immensely proud of the
Since December last year, Stephen Morana has been acting as interim Chief
Executive Officer of Betfair following the departure of David Yu.
Morana Thanked by Betfair Chairman
Betfair's chairman went on to say that the group understood why, after ten
years, Morana was ready to move on to the next stage of his career and hand over
the reins to a new CFO.
"On behalf of the whole company, I would like to convey our immense gratitude
to Stephen for the work he has put in to make the business the success it is
today and, in particular, the excellent job he did as Interim Chief Executive
Officer," said Corbett.
He added that Morana would continue in his current position under a successor
is found. The search for a new CFO has already begun.
Betfair Welcomes Breon Corcoran as New CEO
Morana agreed to act as CEO while Betfair waited for Breon Corcoran, formerly
the Chief Executive Officer of Paddy Power, to step in and fill the role.
Speaking this week, Morana said: "Betfair is entering into a new era under
the leadership of Breon Corcoran and I believe the company has very bright
future ahead of it."
Gerald Corbett, the Chairman of Betfair spoke about Corcoran's addition to
the London based firm. "I would like to formally welcome Breon to the company,"
"I'm confident he is going to make a difference and I look forward to working
with him to help Betfair realise its potential. In his first few weeks he has
been getting to know the business and our people and will update the market with
his plans in due course."