y Power Betfair (PPB) has announced that Breon Corcoran has stepped down as Chief Executive Officer, and will be replaced by WorldPay's Peter Jackson.

Corcoran has served as CEO of Paddy Power Betfair since 2010, having previously been at the company for six years.

Peter Jackson has now taken up the reigns having left his CEO role at global transactions service WorldPay, a role he has held since since March 2017.

Corcoran said “This was a very difficult decision to make, and there is never a good time to leave, but this is the right decision for me and my family, and following the successful completion of the merger integration it is an opportune time for the business too.”

Corcoran's departure has led to a 5% dip in PPB shares since his arrival (as of Monday 9:00AM GMT).

However, Jackson is no stranger to the business, having worked as a non-executive director at the company since 2016.

Gary McGann, chairman of Paddy Power Betfair, said: “While we will be sorry to see Breon leave, we are delighted to have appointed a candidate of Peter's calibre to succeed him.

“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 CEO and lead the group in its next stage of development.”