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Betfair new CEO expected to be announced on Monday

Sky News broke the story on Saturday night that Paddy Power Chief Operating Officer Breon Corcoran will replace David Yu as Betfair CEO. The outgoing CEO David Yu announced earlier in the year that he wouldn't be seeking an extension of his contract from October 2012, and would even be prepared to leave earlier should a replacement be found. The official announcement to the stock exchange is expected on Monday morning, it will be interesting to see how it responds. When you compare the rapid growth of Paddy Power in recent years, and the dismal share price of Betfair since the float, you would think the market will react positively. All I know is, the new guy will have a lot of work to do to restore the confidence of the punters that got them to where they are today, and the financial market...

Betfair poaches Paddy Power exec for CEO - report

Nov 6 (Reuters) - Online betting group Betfair will announce the appointment of Paddy Power's Breon Corcoran as its new chief executive this week according to media reports.

Corcoran, who is chief operating officer at the Irish bookmaker, will succeed David Yu and end Betfair's five-month search for a replacement.

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