David Yu, who joined Betfair in 2001 and became the company's CEO in 2007, announced Monday he will leave the company in October 2012 when his contract expires.

Shares in the gambling giant fell following the announcement.

From the Telegraph:

The announcement confirms a report in The Daily Telegraph on Saturday that said the company was preparing to appoint headhunters to find a replacement for Mr Yu.

Mr Yu said today: "I will give the board all possible support during the succession process so we can find a great, new chief executive to steer Betfair through its next phase of growth."