|Betfair, the London-based betting exchange, has recruited former Financial Times Group CEO Stephen Hill as its new CEO, to replace founder Edward Wray. |
Wray, who set up Betfair with Andrew Black three years ago, is to focus on global expansion and will move aside for Hill, who joins as CEO with immediate effect. Hill's roles at Pearson, where he worked for 15 years, included CEO of FT Group, MD of the FT and director of strategy.
He left Pearson last year to go into private equity, claiming Betfair was 'by far the most exciting' of all the companies he had looked at for investment opportunities.
The company is currently processing about £50m in bets per week, putting it on course to generate about £2.6bn in annual turnover.