by Ray Poirier | Youbet.com Inc. (UBET) will make another attempt to emerge from its recent slump with the announcement that board chairman Michael Brodsky has become the new president and CEO of the company.
He replaces Gary Sproule, the interim CEO, who has resigned.
With continuing losses and a recent financial debacle involving an off-shore betting outlet, UBET has seen its stock price drop to a level where it has been warned of decertification by Nasdaq.
Brodsky said he believes that "Youbet.com is beginning to move in the right direction, and I eagerly anticipate the forthcoming challenges during this transition period."
He joined the company as a member of its board of directors in June of 2007 and became chairman in February.