The role will be a familiar one for Hill who joins from Saga plc were he where he also worked as CFO since 2015, and has also held similar roles as a group finance director at Bovis Homes as well as senior financial roles at the TUI group and utility company Centrica.
Paddy Power Betfair have confirmed Hill will assume his new position in the autumn.
Gersh had previously agreed his resignation from the CFO role with Paddy Power's board of directors, agreeing to stay on until a replacement was recruited.
Commenting on the appointment, Paddy Power Betfair CEO Peter Jackson said: "We're delighted that Jonathan is joining us. He brings substantial strategic and operational finance experience in consumer businesses and I am confident he will make a significant contribution to Paddy Power Betfair's future success."
Incoming Paddy Power Betfair CFO Jonathan Hill commented: "I am excited to be joining a business with great brands, differentiated products and substantial international scale. There are many opportunities to drive shareholder value and I look forward to being part of the team to deliver this."
