Corcoran to step down after stellar 16 years at Paddy Power Betfair
Shocks reverberated around the betting world on Monday the 7th of August as Breon Corcoran startlingly announced he would be leaving his role as CEO of Paddy Power Betfair to make way for Peter Jackson, formerly CEO of Worldpay and a director for the merged betting company. The unexpected news hit the Irish betting company hard with shares reaching a 21 month low. A first big loss of 8.6% diminished to 5% by heavy trading and isn’t expected to cause long term problems for Paddy Power Betfair.
After over a decade and a half with Paddy Power Corcoran said of his choice:
“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. I look forward to watching the continued success of Paddy Power Betfair as a shareholder”
The merger Corcoran alludes to is the £7 billion unification of Paddy Power and betting exchange Betfair. It has been viewed as a success in most quarters with Corcoran’s leadership of the whole affair seen as instrumental. The deal was very much his brainchild and he will continue as CEO until Jackson can fully commit himself to his new venture.
The new role for Jackson comes only 6 months after leaving Banco Santander to be appointed as UK CEO of Worldpay, the payment processing company. Jackson, originally from Yorkshire, is also a director for Paddy Power Betfair and although no date has been confirmed for the official start of Jackson’s reign as CEO, he was unanimously appointed by the independent members of the board following a rigorous succession process led by the Chairman and nomination committee as well as Spencer Stuart, an international executive search firm.
A candidate of world class ability and skill, forged with the necessary expertise to succeed Corcoran, was identified within Jackson and they certainly feel they have got their man.
Jackson spoke in anticipation of his new appointment:
“I am excited about the prospect of joining the Paddy Power Betfair executive team. 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”.
The news of such a big player moving onto greener pastures to be replaced by a man not so long ago appointed at the helm of another company certainly screams of parallels from the football world. Over the summer months mouth watering and quite disgusting sums of money swap hands in order for football clubs, players and their respective agents to earn extra cash when the truth of the matter is that the cash is as necessary as another gold plated hot tub in Jay-Z’s Beverly Hills mansion.
Perhaps in the future Paddy Power Betfair, William Hill or Ladbrokes will announce the capture of their latest CEO or a new member to their executive council with a few tricks on a calculator or even with other directors messaging each other on Whatsapp at their excitement over the new arrival, similar to the recent craze football clubs have used this summer in order to gain more traction on social media and coverage in the press.
The similarities between football clubs and businesses continues to grow, if you fancy a flutter I’d go for that similarity to grow even more.