New CFO hired by Betfair

New CFO hired by Betfair

November 28, 2012
Staff Writer
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Betfair hired American Alexander Gersh as its chief financial officer on Wednesday, with the online gambling exchange anticipated to concentrate on cutting its cost base in the approaching months.

Gersh, who has been CFO at technology company NDS for seven years, is the first major appointment by Betfair Chief Executive Breon Corcoran since he joined the company in August.

Gersh begins work next week and takes the place of Stephen Morana as Betfair CFO. Morana served as interim CEO before Corcoran came and had already said he planned to leave the company.

Launched 12 years ago, Betfair operates an exchange that allows gamblers to bet against each other rather than having a bookmaker set the odds.

Corcoran, formerly chief operating officer at Irish bookmaker Paddy Power, will have the opportunity to lay out his strategy for Betfair when the company publishes its interim results on December 13.

Betfair has now silently cut the number of languages it offers on its website, reducing around 50 individuals from a workforce of more than 2,000.

It has also removed its sports betting trade in Germany due to the tax rate and said this week that it was taking out of the Greek market as a result of regulatory doubt.

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