Gerald Corbett becomes Chairman of Betfair

At the time of its IPO, Betfair committed to comply with the Combined Code on Corporate Governance and, as a result of the announcement, the Board is now fully compliant.

Edward Wray said: “When Andrew and I launched the betting Exchange in 2000 it was immediately apparent that it provided a better way of betting for punters everywhere. That remains the case today and, as a result, Betfair has permanently changed an industry for the better.

“I am extremely proud of everything that the company has achieved in the last 12 years and I want to take this opportunity to thank everyone who has been involved in the business for their contribution to its success.

“This is the start of another exciting chapter for Betfair and I am delighted to be handing over to Gerald whose considerable experience will prove invaluable to the company. I leave Betfair in excellent hands and I know that the company has an extremely exciting future. As Betfair’s largest shareholder I look forward to its continued success.”

Stephen Morana, Interim CEO of Betfair, said: “On behalf of everyone at Betfair, I would like to thank Ed for the pivotal role he has played in Betfair’s success. He was integral in taking Betfair from an initial concept through to the global operator it is today and in making the business one of the UK’s most successful Internet companies. I have personally greatly valued and enjoyed working with him over the past 10 years.”