Paddy Power Betfair's (>> Paddy Power Betfair PLC) new chief executive Peter Jackson will take up the role within the next six to 12 months, the gambling firm's outgoing CEO said on Tuesday.
Breon Corcoran announced his plans to step down on Monday, 18 months after completing the merger of Irish bookmaker Paddy Power with Britain's Betfair. News of his planned departure sent the company's share price sharply lower.
Paddy Power Betfair said Jackson's start date would be confirmed in due course. Jackson is CEO of the UK arm of global payments business WorldPay Group (>> Worldpay Group), which is currently negotiating its own possible sale to U.S. peer Vantiv (>> Vantiv Inc).
"They recognise we both have 12 months notice periods and they're in the middle of the deal. Peter's coming here, we all hope it will be sooner but equally it will be within six to 12 months," Corcoran told Reuters in a telephone interview.
(Reporting by Padraic Halpin; Editing by Susan Fenton)