London-listed Paddy Power Betfair has named Peter Jackson as its next group chief executive, replacing Breon Corcoran, who will step down after 16 years with the group.

Jackson will join the group from payment processor WorldPay, where he has served as UK chief executive officer since March of this year. He has also served on the board of Paddy Power Betfair since 2016, and the board of Betfair Group prior to that.

Paddy Power Betfair said that it conducted a rigorous and extensive succession process to select its next CEO, after being informed by Corcoran of his intention to stand down.

The company is yet to confirm a start date for Jackson, with Corcoran continuing to lead the group in the meantime in order to complete the integration of the Paddy Power and Betfair businesses and ensure an orderly transition.

Gary McGann, chairman of Paddy Power Betfair, commented: "Breon has been talking with me and the board about his long-term plans and accordingly, some months ago, we intensified our focus on executive succession planning to ensure an orderly transition. 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."

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

Shares in Paddy Power Betfair plc. (Co. Data) (LSE:PPB) were trading down 3.47 per cent at 7,645.00 pence per share on the news in London early Monday.