David Yu, Chief Executive Officer for Betfair, has announced that after having been employed at Betfair for more than a decade and acting as Chief Executive Officer for the past six years he will not be renewing his contract with the company when it expires in October 2012.

Yu will be resigning from the Great Britain-based exchange wagering company after having guided it through its floatation on the London Stock Exchange to a £1.5 billion valuation and overseeing the takeover of the US gambling giant, TVG and the company’s horse racing channel with an audience of 35 million.

In a statement made by Yu he says “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 that 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 CEO to steer Betfair through its next phase of growth.”

According to newspaper reports in Great Britain, Yu’s resignation from Betfair less than a year after its initial public offering is unfortunate as Betfair’s stock has fallen since the announcement.