The Co-Founder and Chairman at Betfair, Ed Wray, is to step down as the chairman but will retain a ten percent interest in the company. The company has not said when the changes will take effect but the news will certain cause further concern among investors who have seen their investments fall by nearly half since the company IPO.

Since the public listing has seen many of its managers such as Andrew Twiats (Australian regional CEO), David Yu (group CEO), Mathias Entenmann (chief product and services officer), Charlie Palmer (head of mobile), Matt Carter (director of architecture, research and prototyping), Lee Cowles (director of UK sports and gaming) and Robin Osmond (chief executive of financial betting exchange LMAX).

Shares in the company have fallen since the IPO at a value of £13 down to £7.15 per share. The company was amongst others in the industry that was criticised on the pay rises that it awarded executives recently.

During the investors meeting earlier this week Wray tried to calm investors views adding: "We look to the current financial year with confidence and a strategy that will cement our position as the leading online betting operator.”

The company are already actively looking for a replacement chairman.