Non-executive director Peter Jackson is to be the new boss of bookmaking group Paddy Power Betfair plc (LON:PPB).
He will replace Breon Corcoran, who is cashing in his chips after sixteen years with the bookie.
Jackson has been the chief executive officer of payments services provider Worldpay Group PLC (LON:WPG) since March 2017 and will take up his new role in due course; in the meantime, Corcoran will continue in his current role.
Jackson has been a non-executive director of Betfair Group since 2013. Betfair was taken over by Paddy Power in February 2016.
The news came out of the blue, one day ahead of the announcement of the company’s half-year results.
The company said those results will confirm the company has been trading in line with expectations, with year-on-year revenue growth of 9% and underlying earnings (EBITDA) growth of 21%.
The group said it expects full-year underlying EBITDA to fall somewhere between £445mln and £465mln.