Let's have a bet - a new CEO for Paddy Power?2017-08-09 07:36:29
We recently reported on Paddy Power being downgraded by London-based banking and asset management group Investec. Paddy Power Betfair shares are set to fall further when trading at the London Stock Exchange opens today. The drop in share prices comes as a result of rumours emerging over the weekend that Paddy Power Betfair seeks to appoint a new CEO. The new CEO will replace Breon Corcoran who has been in his role as CEO at Paddy Power Betfair ever since the two companies, Paddy Power and Betfair, merged a year ago.
Who is Breon Corcoran?
Breon Corcoran is an Irish businessman who worked for numerous businesses, including JP Morgan and Bankers Trust before joining Paddy Power in 2001. He joined the gambling giant to develop the company's non-retail business. Corcoran became a board member after merely three years at the company and rose to COO in August 2010. He then quit Paddy Power and joined UK-based Betfair. In 2016, he sold part of his shares in Betfair for £4.1 million. Some sources are suggesting that Corcoran may have indicated that he wanted to leave Paddy Power Betfair and that this is the reason why the company is looking for a new CEO.