Breon Corcoran
Paddy Power CEO Breon Corcoran. stepping down after 16-year stint.

Shares in FTSE 100 bookmaker Paddy Power Betfair took an intraday hammering on Monday (7 August) after it said that long-standing chief executive officer Breon Corcoran would be stepping down.

While WorldPay UK CEO Peter Jackson was named as Corcoran's successor, the market was spooked by the prospect of a transition from the departing CEO's steady hand over his 16-year stint to the new boss.

Corcoran's signature move was facilitating Paddy Power's merger with rival Betfair; a corporate play that won him plaudits around the City.

At 12:05pm BST, Paddy Power Betfair shares were down 5.87% or 465p to 7,455p. The company said Corcoran will remain in his post for the interim, pending a formal start date for Jackson, which will be revealed in due course.

Gary McGann, chairman of Paddy Power Betfair, said: "The board's unanimous selection of Peter [Jackson] follows a thorough global search for an individual with the skills and expertise to match the ambition of the group.

"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."

The company also said its half-year results, due on Tuesday, will report revenue growth of 9% and a 21% increase in underlying earnings.

It expects underlying earnings for 2017 as a whole to be in the £445m - £465m range.