Betfair appoints new CFO

Betfair has announced that Alexander Gersh will take over as its new chief financial officer, replacing Stephen Morana next Monday.

Morana, who announced his plans to step down in September, will make himself available to the operator in order to ensure a smooth transition.

Gersh most recently spent seven years as CFO of Nasdaq-listed pay-TV solutions provider NDS Group, leaving the company in July, and before that held a similar role with telecommunications business Flag Telecom.

NDS was previously the parent company of OpenBet before the software provider underwent a £208m management buyout in January 2011.

He said of his new role: “Betfair is at an exciting and important stage of its development and I look forward to contributing to the future success of the business”.

Gersh is Betfair’s first executive appointment since the arrival of chief executive Breon Corcoran in August, although former Paddy Power COO Corcoran has begun a massive restructure of the business which has led to the departure of more than 50 individuals including UK managing director Peter Marcus.

Corcoran said: “Alex has extensive and valuable experience of working in highly competitive, international businesses and a proven track record of delivering results. I welcome him to Betfair and look forward to working with him.

“I would like to thank Stephen for his contribution to Betfair over the past 10 years and we wish him every success for the next stage of his career,” he added.

Ivor Jones, analyst with Numis, retained his firm’s ‘Buy’ recommendation, noting that Betfair has “Endured a great deal of management disruption since IPO” but suggesting “With the CFO role filled it feels like the top team can begin to settle down and look beyond cost-cutting to the medium-term strategy.

“The CV of the new CFO suggests he will, like his predecessor, contribute to the strategic leadership of Betfair. There will be plenty of leading for him to do,” added Jones.