Paddy Power Betfair appoints WorldPay boss as new chief executive

People News

Paddy Power Betfair PLC on Monday said Chief Executive Breon Corcoran will step down from his role, having spent 16 years with the group both before and after the merger of Paddy Power and Betfair last year.

Corcoran has been CEO since the completion of the merger in February 2016, prior to which he was CEO of Betfair since 2012. He also previously served as chief operating officer of Paddy Power from 2010 and was a board member at Paddy Power since 2004.

Corcoran will be replaced by Non-Executive Director Peter Jackson, who joins the executive team from FTSE 100-listed payments provider WorldPay Group PLC, where he has been CEO of the UK business since March. Jackson has also previously worked at Lloyds Banking Group PLC. His start date is yet to be confirmed.

“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,” Chairman Gary McGann said.

Paddy Power Betfair added that it expects to report 9% growth in revenue for the first half of 2017 and 21% growth in underlying earnings before interest, tax, depreciation and amortisation year-on-year. Underlying Ebitda for the full year is expected at between GBP445 million and GBP465 million. It said trading is in line with expectations.