IT guy becomes new Betfair CEO

Online betting exchange Betfair has appointed its head of IT and operations David Yu as the new CEO, replacing Stephen Hill who left after the company ditched plans to float last year.

The move has sparked several changes at the top, with executive chairman Sir Robert Horton and non-executive directors Justin Dowley and Nick Irens resigning their positions with immediate effect. Also Tim Bunting from Goldman Sachs has joined the board and taken over as chairman of the company.

Yu, who has a background in computer science, was formerly CTO and then COO at Betfair before this week's boardroom reshuffle and is seen as something of a surprise appointment by outsiders.

But Betfair co-founder Edward Wray said in a statement: "We would like to thank Bob, Nick and Justin for their valuable contribution to Betfair, which continues to go from strength to strength. We're delighted that David steps up to the leading role in the company."

In a silicon.com interview last year before this appointment, Yu said: "I think the secret of my success here has been hiring people who are smarter than me, who know their areas a lot better than I do and you hire them and they just get on with it, and it's really easy. All I do is walk around and try not to bother them."

Betfair made an operating profit of £20m last year and the company said it remains on course to hit "aggressive" targets for this financial year-end in May.

Plus: Read our leader on what Yu's appointment means for CIOs' prospects of advancing to the top job.