Jan. 4 (Bloomberg) -- Betfair, a U.K. Internet betting exchange that processes 2 million wagers a day, named Chief Operating Officer David Yu as chief executive to succeed Stephen Hill, who left after the company shelved plans for a share sale.

In an e-mailed statement released today, the London-based company also said Robert Horton has resigned as executive chairman effective immediately, along with non-executive directors Nick Irens and Justin Dowley. Tim Bunting has joined the board to replace Horton, the statement shows.

Hill left the company on Oct. 14, about six weeks after the departure of Chief Financial Officer Owen O'Donnell.

Betfair still expects to meet financial goals for the fiscal year ending in May, according to the statement.

To contact the reporter on this story: Dan Weeks in London at dweeks1@bloomberg.net

Last Updated: January 4, 2006 12:21 EST