Paddy Power Betfair is set for significant change at the top after the Irish betting house confirmed that CEO Breon Corcoran is to stand down after 16 years at the helm to make way for former WorldPay CEO Peter Jackson.
Corcoran will remain in post for the interim, pending a formal start date for Jackson which will be made in due course, cementing a merger with Betfair – one of the defining moves of his tenure.
Jackson is an old hand in the consumer sphere with experience as CEO of Travelex Group between 2010 and 2015 and as head of innovation at Banco Santander between 2002 and 2010.
Gary McGann, chairman of Paddy Power Betfair commented: "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.”
Meanwhile it is business as usual for the bookmaker, which has let loose its latest advert, You Beauty.
— Paddy Power (@paddypower) August 6, 2017
Paddy Power will post its interim results tomorrow - having recorded revenue growth of 9% and underlying EBITDA growth of 21% over the six months to the end of June.