Betfair has started the selection process to replace David Yu after 10 years with Betfair and almost six as CEO.
Yu does not intend to renew his current contract, which expires in October 2012, and said he believes now is the right time for the company to start looking for his successor.
"I have discussed my plans with the board and as a result we are beginning the search for my successor. We are announcing this now so we can actively and transparently begin the process. I will remain committed to delivering the best for our people and our shareholders and will give the board all possible support during the succession process," said Yu.
Chairman Edward Wray commented: "The open manner in which we will conduct the search will make it easier for us to find the best candidate for the role."
Betfair hit the headlines a couple of weeks ago when it filed a complaint with the European Commission against Greece because it believed it was unfairly excluded from the Greek market.
