Breon Corcoran is stepping down as CEO of Paddy Power Betfair to be replaced by Worldpay CEO Peter Jackson.
The operator informed the stock market this morning that Corcoran is leaving after 16 years with the Paddy Power Group and having overseen the successful merger with the Betfair betting exchange in February 2016.
The news saw the share price drop 5%.
Chairman of Paddy Power Betfair Gary McGann commented: “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 Board’s unanimous selection of Peter follows a thorough global search for an individual with the skills and expertise to match the ambition of the Group. 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.
“On behalf of the Board and management team, we would like to record our sincere appreciation to Breon, who leaves Paddy Power Betfair with the Board’s best wishes, having achieved great success over the past 16 years. Breon leaves behind a business that continues to perform strongly, and that has the scale, technology platform, combination of brands and exceptional people to outperform its competitors. We wish him every success in his future ventures.”
Corcoran added: “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. 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. I look forward to watching the continued success of Paddy Power Betfair as a shareholder.”
Jackson was unanimously appointed by the independent members of the Board following a succession process led by the Chairman and the Nomination Committee, together with Spencer Stuart, an international executive search firm. The succession process was international in scope with an objective to identify a world-class candidate with the necessary blend of skills and expertise to succeed Corcoran, who will oversee the company until Jackson is able to join.
Jackson, now Paddy Power Betfair CEO Designate, commented: “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. I look forward to leading the team, and continuing to serve our global customer base.”