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06 Aug 17 15:55
Date Joined: 09 May 14
| Topic/replies: 12,591 | Blogger: TheFear's blog
From RP
By Lewis Porteous
2:41PM, AUG 6 2017

Paddy Power Betfair were tight-lipped on Sunday following a report the bookmaking giant has started the search for a new chief executive.

According to Sky News, the company's board has hired headhunters from Spencer Stuart to identify a successor to Breon Corcoran, who has previously given no indication of plans to relinquish the position he has held since Paddy Power and Betfair merged in February of last year.

A former Paddy Power chief operating officer, Corcoran, 46, left that position to become Betfair chief executive before appointed the group chief executive when the £6 billion-plus merger between the two betting companies was completed.

A change of leadership would come as a surprise to investors, with Corcoran well regarded and the merger widely judged to have been a success.

Having unveiled final-year results for 2016 in line with forecasts, Paddy Power Betfair’s operating profits more than doubled in the first quarter of 2017, thanks in no small part to a successful Cheltenham Festival.

A spokesman for Paddy Power Betfair declined to comment further on Sunday, although the search for Corcoran's eventual successor is reportedly being led by company chairman Gary McGann.

Details of Corcoran's and the company's plans are likely to become clearer on Tuesday morning, when Paddy Power Betfair post their half-year results.
Pause Switch to Standard View Bre0n might be on his way
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Report Deltâ August 6, 2017 4:56 PM BST
delete might be
Report TheFear August 6, 2017 5:07 PM BST
Hundred on Sad
Report jamesdean August 6, 2017 5:10 PM BST
06 Aug 17 16:56
Joined: 12 Mar 02 | Topic/replies: 51,474 | Blogger: Deltâ's blog
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06 Aug 17 17:07
Joined: 09 May 14 | Topic/replies: 5,405 | Blogger: TheFear's blog
Hundred on  Sad

Report jamesdean August 6, 2017 5:11 PM BST
Ah the thread, got ya now
Report HappyHibby August 6, 2017 5:17 PM BST
the complete and utter shambles that in running liquidity now finds itself in seems to have got some bums a bit squeaky....

not sure how they break down half year results but they will be alarming for a few of the head honchos imv...
Report pablo-fanque August 6, 2017 5:31 PM BST
HH , if cricket, tennis and football are on the up, betfair won't care much about racing
Report TheFear August 6, 2017 5:32 PM BST
Exchange a low priority for them, Hibby? I don't think he had even got round to looking at the exchange other areas of the business were seen as more important. Pre-race liquidity is equally as bad, of course.
Report HappyHibby August 6, 2017 5:33 PM BST
i was told that Horse Racing plays a HUGE part in the overall picture pablo....

huge decline in in running liquidity....

pre-race pretty poor now also (for run of the mill stuff)...

i'd be astonished if this has gone un-noticed tbh.
Report TheFear August 6, 2017 5:34 PM BST
I agree horse racing still very important. It covers every afternoon/evening 7 days a week.
Report HappyHibby August 6, 2017 5:37 PM BST
i always thought the exchange would be low priority when the merger took place TheFear....

and i haven't been disappointed....

once folk leave they don't come back(or very rarely anyway)...

and if they aren't replaced then it leads to the total mess in running liquidity is in atm....

some of us tried to explain this over the last couple of years or so...

the head honchos knew best tho...

oh aye...
Report mouse muldoon August 6, 2017 6:09 PM BST
Wouldn't be surprised if the new guy came in with the bright idea of 80% premium charges.
Report HappyHibby August 6, 2017 6:19 PM BST
one thing is for sure....

nobody will ask clients where they think it has all gone badly wrong....

and if they think that cracking the US of A is the answer....

here's my advice....

Report pablo-fanque August 6, 2017 6:38 PM BST
HH , every time they release there P+L for the half year ( or how ever it's done ) , they are always rising from previous P+Ls . so what makes you think things are going wrong for betfair ( not including tuesdays P+L )
Report HappyHibby August 6, 2017 8:01 PM BST
the fact they have done very little (some would say NOWT) about declining in running liquidity levels suggest they have been happy with the overall picture pablo....

which i find very strange coz businesses don't run that way as far as i'm concerned....

they are split in to sections and if one section is in terminal decline then it is dealt with (or at least attempted to be dealt with) until things improve....

i see absolutely no action having been taken to reverse the decline (altho i'm sure betfair will reject that)...

so possibly we are where we are and the overall picture is in decline pablo...

or maybe one of the head honchos has asked why horse racing liquidity is in terminal decline and they haven't liked the answer they received...

this is total conjecture of course coz i ain't got a clue what is going on at betfair and whether breon's jacket is on a shoogly peg or not....

all i KNOW is that in running liquidity is pretty farcical now and i'd be surprised if betfair are pleased about that...

but who knows...???
Report Deltâ August 7, 2017 8:39 AM BST
By Peter Scargill
UPDATED 8:28AM, AUG 7 2017

Breon Corcoran is set to step down as chief executive of Paddy Power Betfair with Peter Jackson replacing him at the head of the company.

Corcoran, 46, led the £6 billion-plus merger between Paddy Power and Betfair, and will continue in his role for the time being before ending his 16-year term with the group.

Rumours of his possible departure had emerged to the surprise of some on Sunday, with Corcoran well regarded and the mega-merger between the two bookmakers widely viewed as a success.

However, on Monday Paddy Power Betfair revealed Corcoran had informed the board of his desire to leave.

He said: "I have been privileged to work with many exceptional people over the last 16 years and the business has a talented, stable and motivated management team. We have built a business that is a structural winner and has a very bright future.

"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. I look forward to watching the continued success of Paddy Power Betfair as a shareholder."

Corcoran spent ten years with Paddy Power, rising to the position of chief operating officer before leaving to become Betfair's CEO in 2012. He was made CEO of the combined company following the merger between the two in September 2015.

Peter Jackson, 41, joins Paddy Power Betfair from Worldpay, the FTSE 100 payments processing company. He has a background in finance and has been an independent, non-executive director of Paddy Power Betfair since 2016 and, prior to that, served as an independent, non-executive director of Betfair Group since 2013.
Report mouse muldoon August 7, 2017 8:48 AM BST
Agent Corcoran your mission is complete, the exchange is in terminal decline. Many thanks from all at Paddy Power.
Report screaming from beneaththewaves August 7, 2017 10:05 AM BST
Mouse Muldoon nails it.
Report dave1357 August 7, 2017 10:39 AM BST
hmmm shares drop 8%
Report McCoy Carp August 7, 2017 10:54 AM BST
Why is there this constant obsession on here with in running punting and liquidity? Does that affect the pre race market liquidity, and is that all the exchange is good for - in running?
Report TheFear August 7, 2017 11:25 AM BST
Has to be more to this story obviously N.A.P
Report TheFear August 7, 2017 11:26 AM BST
mccoy, pre-race just as bad if not worse. At leats with the bookies you can go round the shops and try and get a few fifty quids on. On here a couple of hundred could take a price from 33s to 10s Laugh[:laugh:
Report jmdc August 7, 2017 11:50 AM BST
I thought the introduction of the premium charge destroyed the pre race market liquidity.
Report Ramruma August 7, 2017 11:56 AM BST
@McCoy Carp -- Why is there this constant obsession on here with in running punting

And fast pics; don't forget the fast pics which make sod all difference to, well, anyone who is not betting in-running.
Report TheFear August 7, 2017 11:59 AM BST
You could say that about any subject that doesn't affect one personally. Restricted bets doesn't affect me but I still think it's outrageous.
Report HappyHibby August 7, 2017 12:52 PM BST
in running dies and you think it will have no effect on pre-race markets....?

dear god....

run of the mill pre-race has fallen away over the last few years....

and it's pure coincidence that in running liquidity is on it's knees....?

in running feeds pre-race....

pre-race feeds in running....

horse racing is (or at least WAS) a huge chunk of betfair's income....

maybe things have changed...

and maybe they are happy with the current scenario....

only the head honchos can answer that one i'm afraid....
Report pixie August 7, 2017 1:40 PM BST
Sounds like Breon has been offered a better job elsewhere. Either that or he feels he can get a better job, as his stock has never been any higher than it is now.
Report dustybin August 7, 2017 1:49 PM BST
IR went hand in glove with the innovation of the exchange mechanism, it didnt exist before the exchange nor arguably after.
The exchange has had to withstand an awful lot of bread dipping from external forces and seems to get limited support by those that are charged with its keep.
Report dustybin August 7, 2017 1:52 PM BST
*didnt exist in outside of exchange environments
Report Ramruma August 7, 2017 1:53 PM BST
Sounds like Breon has been offered a better job elsewhere. Either that or he feels he can get a better job, as his stock has never been any higher than it is now.

We shall see. I expect you are right but it is just about possible he has decided to take the money, either running for office as the Irish Donald Trump or just to count his money by the pool on some tropical island or other.

It happened with one of our head-honchos. VP of a multinational company on several million dollars a year -- chucked it in to write bad thrillers.

That is very much the exception though. I expect Mr Breon will soon pop up somewhere else.
Report Big Boss August 7, 2017 2:37 PM BST
Breon will pop up at another company that PP BF want to take over
Report TheFear August 7, 2017 3:13 PM BST
Surely Bre0n was getting money for old rope at Betfair? Very strange he's leaving imo
Report ima_mazed66 August 7, 2017 3:25 PM BST
Maybe he got caught arbing his PP bets on here.
Report McCoy Carp August 7, 2017 6:42 PM BST
Not sure, but think when he came on board, the shares were around £7, and going nowhere. I had 3000 and sold for a slight loss at that price. He put his money where his mouth is and bought some around their lowest £6.50, (again from memory) since they floated. When they merged with PP, they were worth over £40. One that got away from my point of view Sad
Report Princes Purple Guitar August 7, 2017 7:34 PM BST
maybe it was all the poor sods he made redundant that got to him...
Report Deltâ August 7, 2017 7:44 PM BST
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