Breon Corcoran to step down as Paddy Power Betfair CEO

Paddy Power Betfair CEO Breon Corcoran is to leave the firm just 18 months after the completion of the £7bn merger to be replaced by CEO of Worldpay’s UK arm, Peter Jackson.

Corcoran had worked at the group and its predecessor companies for 16 years, including as COO of Paddy Power and CEO of Betfair, before being named chief exec of PPB when the merger completed in February 2016.

The operator this morning did not confirm a date when Corcoran will leave the business but said it would announce his successor’s start date in “due course”.

“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.

He added: “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.”

Breon Corcoran will step down as CEO of Paddy Power Betfair after 16 years with the group

Paddy Power Betfair’s new CEO, Peter Jackson, joins from global payments company Worldpay where he has served as CEO of its UK-facing business since March 2017.

Prior to Worldpay, Jackson was CEO of Travelex Group for five years and has been an independent non-exec director of Paddy Power Betfair since 2016. He was also Hre non-exec director of Betfair Group 2013.

“I am excited about the prospect of joining the Paddy Power Betfair executive team,” Jackson said.

“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.”

Paddy Power Betfair’s share price was down 4.45% at the time of writing.