Not a glowing article about them in the Guardian today, just backing up the anecdotal stories heard elsewhere. The problem for them is that many of those staff listed as leaving are the 'good eggs', frustrated as hell by the impenetrable cliques and bone-headed decision making going on elsewhere. The firm has lost nearly half its paper value since it floated - surely it's time for blood at the top?
Going looks hard for Betfair as managers quit and shares fall
Wave of middle-management departures rocks betting exchange already reeling from shares selloff
Betfair, the embattled betting exchange, has been rocked by a fresh crisis following a wave of middle-management departures. The defections come as the company digests the results of a private poll of staff revealing that employees believe their company lacks direction.
This year's departures include: Mathias Entenmann, chief product and services officer; Charlie Palmer, head of mobile; and Robin Osmond, chief executive of financial betting exchange LMAX. Lee Cowles, director of UK sports and gaming, is understood to have told staff he will also be leaving.
These have been joined by director of European and public affairs Tim Phillips, head of strategic programmes Emily Foges, director of site products and services Rob Glynne, head of sports exchange products Alex Deacon, IS director Tony Rigby, and Don Fotsch, vice-president of global user experience.
News of the departures comes as the group's shares, which listed at £13 last autumn, have come under pressure. They have slumped from around £10 in early April. The latest sell-off, which saw the price hit a low of 778p, is thought to have been triggered by predictions that next month's results announcement will be lacklustre, heaping more pressure on chief executive, David Yu. Analysts at Investec, who have a 445p share price target, predict pre-tax profits of £21.9m for the 12 months to April the same as in 2010.
A source close to the company said: "Betfair has lost a lot of good people. There is no leadership. It is a given that there will be no growth [in the annual results] as for a long time the company has been running hard to stand still. If good decisions were made and proper structures put in place the company would be able to accelerate quickly."