PADDY POWER’s chief operating officer Breon Corcoran is to join rival UK company Betfair as chief executive. An announcement is expected this week.
The Irishman will replace current chief executive David Yu, who announced in June he was to step down from the company after six years as chief executive and 10 with the company.
Betfair is the largest betting exchange company in the world. Founded as an internet start-up in 2000, it grew to become the UK’s largest online betting company.
The company listed on the London Stock Exchange just over a year ago, but Betfair’s shares have slipped from their listing price of £13.00 last October to their closing price of 769.5 pence on Friday.
Originally from Mullingar, Mr Corcoran (40) joined Paddy Power in 2001 as head of the company’s non-retail division, and spearheaded the company’s transition into online betting. He was also involved in the company’s expansion in Australia.
A close associate of Paddy Power’s chief executive, Patrick Kennedy, Mr Corcoran was appointed as chief operating officer in August 2010.
He has been a board member at Paddy Power since 2004.
Prior to his career with Paddy Power, Mr Corcoran worked with JP Morgan and Bankers Trust as well as a number of start-ups.
He is a graduate of Trinity College, Dublin and holds an MBA from INSEAD.
Betfair and Paddy Power declined to comment on his move last night.
Betfair employs more than 2,000 people, with another 100 employed by Betfair Australia.
The Betfair Group owns gambling licences in Gibraltar, Malta, Italy, the United States and Tasmania.
Betfair reported core revenue growth of 7.8 per cent to £330 million for the year ended April 2011, though its core revenue fell by 7 per cent in the first quarter of its 2012 financial year to £80.8 million compared to the same period in 2011.
Profits at Paddy Power increased 15 per cent to €57 million in the first half of this year.
The company operates betting offices and online, mobile and telephone betting services in Ireland and Britain.
It is Australia’s biggest online operator through its local subsidiary, Sportsbet.
Paddy Power derives 80 per cent of its profits from its online businesses.
