Paddy Power Betfair seeks new CFO as Alex Gersh calls time as group financial lead

The Sunday Times has this weekend reported that Paddy Power Betfair Chief Financial Officer Alex Gersh has signalled his intention to depart the FTSE100 betting group’s executive leadership team.

The governance of Paddy Power Betfair is reported to have begun its executive search for Gersh’s replacement as group financial leader. Gersh will maintain the executive role with until his replacement is found.

Joining Betfair Plc in 2012 from digital payment services provider NDS Cisco, Gersh played a pivotal part in revitalising Betfair’s corporate strategy following its post-2011 IPO performance decline.

Working alongside former Paddy Power Betfair CEO Breon Corcoran (2012-2017), Gersh played a fundamental role in redeveloping and repositioning Betfair’s product strategy, turning the company into a ‘UK tech darling’.

Furthermore, as Betfair CFO, Gersh was a key stakeholder in 2015’s £5.5 billion merger with Paddy Power, creating the FTSE’s outright leading firm in online gambling.

Gersh’s next arrangements remain unknown, nevertheless, his shrewd financial management and strategy of Betfair, have placed amongst the top technology-centric CFOs.

The replacement of Gersh as Group CFO will be seen as another early test for new Paddy Power Betfair Chief Executive Peter Jackson, who this January took official leadership of the betting group.

In his first actions as Group CEO, Jackson has restructured the firm’s senior executive team, appointing Dan Taylor as European Chief Executive. In addition, Jackson has mad promoted Aine Flanagan to Group Chief Strategy Officer (CSO)  focusing on maximising shareholder returns and Johnny Hartnett to Group Chief Development Officer focusing on international growth opportunities.