by Renee Israel
Paddy Power Betfair, the global online gambling giant, has announced that its current chief executive officer, Breon Corcoran has stepped down from his role. Corcoran will be replaced by Peter Jackson, who has been serving as an independent, non-executive director of the group since 2016.
Breon Corcoran acted as CEO of Paddy Power from 2010, having joined the company in 2004. When the Irish bookmaker joined forces with Betfair last year, Corcoran took hold of the reins of the merged entity.
In an interview last week, Corcoran said that he had been privileged to work with many exceptional people over the last 16 years, praising the business for having a
"talented, stable and motivated management team".
He added that the decision to leave was a difficult one was to make, however he felt that this was the right decision for him and his family.
"Following the successful completion of the merger integration, it is an opportune time for the business too," he added.
Jackson as New CEO
Peter Jackson has been serving as CE of the global payments business, WorldPay since earlier this year, before which he worked as head of the Travelex Group for 6 years. It has not yet been announced when his official starting date is.
Jackson said that he was excited about the prospect of joining Paddy Power Betfair's executive team, stating that the group has some of the leading brands in the global gaming industry.
"The business has great prospects," he said.
Leading Paddy Power Betair to Next Stage
The chairman of Paddy Power Betfair, Gary McGann, said that Corcoran had been in discussions with the group about long-term plans, and several months ago, efforts were made to intensify the focus on executive succession planning so as to ensure orderly transition.
"While we are sorry to see Breon leave, we are delighted to have appointed a candidate of Peter's caliber to succeed him," said McGann.
"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."