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After ten years as a member of the Betfair family, Chief Executive Officer David Yu has announced that he will not seek a renewal of his contract with the gaming giant.

“I have discussed my plans with the board,” he said, “and, as a result, we are beginning the search for my successor.”

According to an official release, the decision to part ways was an amicable one. Betfair Chairman Edward Wray has gone on record to say that the company understands “why, after ten years, David would like to start thinking about the next stage of his career and, in time, hand the reins over to a new Chief Executive Officer.”

“The open manner in which we will conduct the search will make it easier for us to find the best candidate for the role,” he continued. “With the board’s full support, David will continue to focus on delivering against the business’ plans as we search for his successor.”

Yu went on to explain the timing behind his announcement:

“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 so we can find a great new Chief Executive Officer to steer Betfair through its next phase of growth.”

With his current contract set to expire in October of 2012, Yu’s departure will mark the end of his six-year tenure as Betfair’s CEO. Prior to rising to that position, he had spent four years with the company in other various roles.

Since none of the interview candidates have yet been announced, it appears as though the CEO field is wide open. Betfair will continue to search for the most qualified candidate, in a hunt which will likely span the globe.