Daily fantasy sports heavyweight FanDuel has announced that its co-founder and current CEO, Nigel Eccles will leave the company, stepping down from the role.
Matt King, who most recently served as CFO for the company from 2014-2016 has been named new CEO and will join the board of directors immediately.
Before joining FanDuel in 2014, Matt King was a Director at Kohlberg, Kravis, Roberts and Co., as well as at KKR Capstone for 11 years where he focused on building new lines of business for KKR, due diligence on new investments, and improving the operating performance of KKR’s portfolio companies. In his new role, King will be primarily based at FanDuel’s New York headquarters.
In a statement announcing the appointment, FanDuel’s Board of Directors paid tribute to the role that Nigel Eccles played in shaping the company, saying: “Nigel achieved something remarkable -- he completely redefined an existing industry. His passion, intelligence, and focus have been the bedrock of FanDuel’s success.
“We would like to offer our sincere thanks as he leaves to pursue his next venture. We are excited to work with Matt again. He is an exceptional executive who knows the business intimately, and has a clear vision for its next phase of growth.”
Outgoing CEO Nigel Eccles heaped praise on new CEO Matt King, saying: “With his strategic vision, range of experiences, and broad skillset, I cannot imagine a better individual to steer FanDuel forward.
“With tremendous legislative strides in the past two years and the business moving into profitability in Q4, FanDuel is in a great position. I know Matt is the leader to capitalize on the momentum in the sports technology space to take FanDuel to the next level.”
New FanDuel CEO Matt King added: It’s an incredible honor to return to FanDuel at such an exciting time for the company.
“Over the past eight years, Nigel has built one of the most disruptive companies in the sports world. I look forward to working with our talented team to make FanDuel the place for fans to engage with sports they love in new and exciting ways.”
In addition to the appointment of Matt King to the role of CEO, FanDuel have also announced the appointments of Carl Vogel and David Nathanson to the roles of chairman of the board and independent director respectively. Vogel previously served as the Vice-Chairman and President of DISH Network Corp, one of the largest satellite broadcasters in the US, while Nathanson is an 18-year veteran of the 21st Century Fox media group.