Breon Corcoran, CEO of Paddy Power Betfair, will step down from his position, having advised the board of his desire to do so after 16 years with the company.
Peter Jackson will join the company from WorldPay, the global payments business, where he has served as CEO since March 2017. Jackson’s start date is yet to be confirmed. Corcoran will remain in his position until then.
Gary McGann, chairman of Paddy Power Betfair, said: “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."
Corcoran said: “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 added: “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.”
