Paddy Power exec to take Betfair reins

BRIAN Corcoran, the chief operating officer at Paddy Power, is poised to take the reins at online betting exchange Paddy Power.

Corcoran replaces David Yu following a five-month search that also considered internal candidates including chief financial officer Stephen Morana and independent non-executive director Ian Dyson.

Corcoran, a graduate of Trinity College Dublin and Insead, has been at Paddy Power for over a decade.

He joined the company in April 2001 and was tasked with developing the company’s non-retail business. Previously he worked at JP Morgan and Bankers Trust, as well as with a number of start-ups.

He was appointed to the board of Paddy Power on 31 August 2004, rising through the ranks from commercial director to managing director of non-retail and development.

Corcoran secured the role of chief operating officer and became a member of the firm’s risk committee in August 2010.

He is responsible for the group’s online businesses and its technology and HR functions, as well as its Australian operations.

At 39, his annual remuneration at Paddy Power, including share options and bonus, is estimated at about €785,000 (£675,458).

There will be hurdles ahead when Corcoran relocates to London to take up the challenge at Betfair, where the share price has slumped from 1,300p on listing last October to 769.6p at the close of Friday.

Shareholders have also witnessed the departure of Robin Osmond, the head of Betfair’s LMAX betting exchange, while chairman Ed Wray has also expressed his desire to step down.

But Corcoran was a favourite for the Betfair chief executive role, and with form helping turn Paddy Power into one of Britain’s fastest-growing betting brands, the odds could be in his favour.