Paddy Power Betfair is appointing Peter Jackson, currently the UK head of FTSE 100 payments business WorldPay, as its new chief executive.
Jackson has been a non-executive director at Paddy Power Betfair since 2016, and has been an independent, non-executive director at Betfair since 2013. He has served as boss of the UK division of Worldpay for just five months.
Paddy Power Betfair's shares dropped on the news. At time of writing, the firm's share price was down 6.24 per cent at 7,335p.
The betting firm's current chief executive, Breon Corcoran, is leaving the business after 16 years at the group. He was chief executive of Betfair from 2012 onwards, and became the head of the group when the companies merged in February last year.
Corcoran will stay on to help with the transition, and a date for Jackson's appointment will be set in due course.
Gary McGann, Paddy Power Betfair's chairman, said: "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 chief executive and lead the group in its next stage of development."
Paddy Power Betfair will release its interim results tomorrow, but said today that it will report a revenue growth of nine per cent for the six months ended 30 June.