Paddy Power Betfair stakes future on UK boss of Worldpay as chief executive departs
PADDY Power Betfair has hired the UK boss of Worldpay as its new CEO, after chief executive Breon Corcoran announced he was stepping down.
Peter Jackson will join the FTSE 100 bookie later this year, having been the UK chief executive of the payments provider since March.
The news sent shares in Paddy Power Betfair down 4.7pc to £75.50, making it the largest blue-chip faller.
Mr Corcoran was fundamental in Paddy Power and Betfair merging, having reached the position of chief oper- ating officer at the former in 2010, and working as chief executive of the latter for four years prior to the 2016 deal to combine the two. He joined Paddy Power’s board in 2004 having started working for the company in 2001.
Mike van Dulken, head of research at Accendo Markets, said investors were “shocked and unsure”. He added: “Uncertainty stems from whether Peter Jackson ... and his wealth of financial and consumer experience will be enough to lead the gaming giant.”
Mr Jackson’s move follows Worldpay agreeing to a £7.9bn takeover by US rival Vantiv. Paddy Power hailed Mr Jackson’s “extensive experience in consumer businesses”, having previously served as boss of Travelex between 2010 and 2015. He has also worked for Santander, Lloyds Bank and HBOS. Gary Mcgann, chairman of the group, said: “Breon has been talking with me and the board about his longterm plans and accordingly, some months ago, we intensified our focus on executive succession planning to ensure an orderly transition.
“We are delighted to have appointed a candidate of Peter’s calibre to succeed him.”
Mr Mcgann said Mr Corcoran was leaving a business that “continues to perform strongly, and that has the scale, technology platform, combination of brands and exceptional people to outperform its competitors”.
The company reports half-year results today but gave investors a glimpse of what to expect in order to bolster sentiment. It said it expected to show revenue growth of 9pc and underlying operating profit growth of 21pc.