NEWS
Powell departs Youbet amid corporate restructuring
Posted: Tuesday, February 26, 2008 6:04 PM
by Ed DeRosa
Youbet.com Inc. is in the midst of restructuring its corporate management team, and one of the departed executives is Vice President of Public Affairs Lonny Powell.
Powell, who joined the California-based account wagering company in December 2005, describes the separation in a Tuesday statement as “amicable” and “mutual.”
“The restructuring and downsizing going on at Youbet right now is being considered in the face of the many obstacles and challenges ever-present when running an independent and publicly held [advance deposit wagering company] during these hyper-competitive times,” Powell says in the statement. “The time was really ideal for me to move on to pursue whatever quality executive or advisory positions that may be out there and suited for me.”
Powell’s departure comes less than three months after Charles Champion resigned as chairman and chief executive officer of the company. Also leaving in late 2007 was founder and director David Marshall.
Gary Sproule, the former chief financial officer and acting chief executive, did not return a call on Tuesday seeking comment.
Ed DeRosa is news editor of Thoroughbred Times
