New CEO for Betfair Internet Betting Exchange to be Breon Corcoran

Published Monday, November 07, 2011 -

According to a recent report in the Irish Times and Sky News Paddy Power the iconic gambling company is loosing one of it top executives, chief operating officer Breon Corcoran. Corcoran will join rival UK company Betfair as its new chief executive officer. The current chief executive officer of Betfair David Yu, announced last June he is stepping down from the firm after six years at the helm and 10 years with the company.

Betfair was created in 2000 and has expanded its reach to become the largest online wagering services firm in the United Kingdom and the biggest betting exchange in the world. Betfair however has been having a financial downturn this past year going from a share £13.00 last October 2010 to 769.5 pence in November of 2011. Forty year old Corcoran has been with Paddy Power since 2001 when he joined as the firm’s non-retail sector that involved moving Paddy Power into online gambling as well as Paddy Power’s development of the market in Australia.

Corcoran was appointed as chief operating officer at the Irish icon in August 2010 and has been a board member since 2004. The new Betfair CEO started his career after completing his master’s degree I business from INSEAD. JP Morgan and the Bankers Trust gave Corcoran invaluable experience. Taking on Betfair will be challenge for the new CEO as the Betfair Group operates with licenses obtained in Gibraltar, Malta, Italy, the United States and Tasmanian jurisdictions. Yu’s departure and the appointment of Mr. Corcoran have not been officially commented upon by either firm. Perhaps Paddy Power is a little upset with the departure knowing that Corcoran is a close associate of Paddy Power’s chief executive, Patrick Kennedy.
Betfair needs fresh blood and this particular executive looks to have the right stuff. The financial results for Betfair next quarter may very well show positive results.



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