Paddy Power Betfair confirmed this (Monday) morning that Breon Corcoran has stepped down as chief executive of the company, with Peter Jackson taking up the role.
Corcoran has led the business since the merger of Paddy Power and Betfair last year, having previously served as chief executive of Betfair.
In addition, Corcoran was chief operating officer of Paddy Power from 2010 and was a board member at the bookmaker since 2004.
“I have been privileged to work with many exceptional people over the last 16 years and the business has a talented, stable and motivated management team,” Corcoran said.
“We have built a business that is a structural winner and has a very bright future.
“This was a very difficult decision to make, and there is never a good time to leave, but this is the right decision for me and my family, and following the successful completion of the merger integration it is an opportune time for the business too.”
Jackson will join Paddy Power Betfair from global payments business WorldPay, where he has been serving as chief executive since March of this year.
Prior to this, Jackson was chief executive of Travelex Group from 2010 until 2016, led the innovation function for Banco Santander in 2016 and also held a number of roles in the retail bank at Lloyds Banking Group and HBOS.
Jackson has been an independent, non-executive director of Paddy Power Betfair since 2016 and also held a similar role with Betfair prior to last year’s merger.
Details of Jackson’s start date as chief executive will be announced in due course.
Jackson said: “I am excited about the prospect of joining the Paddy Power Betfair executive team. Paddy Power Betfair has some of the leading brands in the global gaming industry and the business has great prospects.”
Gary McGann, chairman of Paddy Power Betfair, added: “Breon has been talking with me and the board about his long-term plans and accordingly, some months ago, we intensified our focus on executive succession planning to ensure an orderly transition.
“While we will be sorry to see Breon leave, we are delighted to have appointed a candidate of Peter's calibre to succeed him.
“The combination of his executive expertise together with his understanding of the Paddy Power Betfair business as a non-executive director uniquely positions Peter to assume the role of CEO and lead the group in its next stage of development.”
Meanwhile, Paddy Power Betfair has released a preview of its half-year financial results, which are due to be announced in full tomorrow.
The company said that for the six months to June 30, it will report year-on-year revenue growth of 9%, in addition to underlying earnings before interest, tax, depreciation and amortisation growth of 21%.
Paddy Power Betfair added that trading is in line with expectations.
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