The Chief Financial Officer and interim Chief Executive Officer of the global betting exchange, Betfair, has announced his imminent retirement from the company. Steven Morana, who has been with Betfair for over a decade, told the chairman of Betfair that he intended stepping down once a replacement had been found for the role of Chief Financial Officer.
Morana has been acting as CEO of Betfair since the previous one, David Yu, stepped down in December last year. He took the reins of the company as Betfair awaited the arrival of its new CEO, former Paddy Power CEO Breon Corcoran.
Morana told the board of Betfair that it was a very difficult decision to make, however he felt that it was the right time for him to move on. Morana said that he had been incredibly fortunate to have been part of the Betfair success story over the past ten years, and he was immensely proud of the group’s achievements. He said that Betfair was entering a new era under the leadership of Corcoran and he believed that the company had a very bright future ahead of it.
Corcoran, who joined the company recently, was warmly welcomed by the chairman of Betfair, Gerald Corbett, who stated that he was confident that the former head of Ireland’s biggest sports betting group would make a big difference to Betfair’s operations.
Corbett added that he understood why Morana, after a decade with Betfair, would be ready to move on. He said that on behalf of the company, he wanted to convey his immense gratitude to Morana for the excellent work he did to make the business a success it is today.
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