Nigel Eccles, the co-founder and chief executive of daily fantasy sports giant FanDuel, has confirmed he will leave the company with former CFO Matt King returning to take charge.

Eccles has been with FanDuel since it was established in 2009, but will now step down from his roles as CEO and as a director to focus on a new venture in the eSports sector.

"Nigel achieved something remarkable - he completely redefined an existing industry," FanDuel's board said. "His passion, intelligence, and focus have been the bedrock of FanDuel's success.

"We would like to offer our sincere thanks as he leaves to pursue his next venture. We are excited to work with Matt again. He is an exceptional executive who knows the business intimately, and has a clear vision for its next phase of growth."

King, who served as FanDuel's finance chief between 2014 and 2016, will rejoin the company and the take a seat on its board, effective immediately.

King has served as an equity partner, and president of regional operations and corporate development for insurance broker Cottingham & Butler since leaving FanDuel. Before he joined the operator in 2014, he served as director of global investment firm Kohlberg, Kravis, Roberts and Co and its KKR Capstone subsidiary for 11 years.

"With his strategic vision, range of experiences, and broad skillset, I cannot imagine a better individual to steer FanDuel forward," Eccles said of his replacement. "With tremendous legislative strides in the past two years and the business moving into profitability in Q4, FanDuel is in a great position.

"I know Matt is the leader to capitalize on the momentum in the sports technology space to take FanDuel to the next level."

Following his appointment, King added: "It's an incredible honour to return to FanDuel at such an exciting time for the company. Over the past eight years, Nigel has built one of the most disruptive companies in the sports world. I look forward to working with our talented team to make FanDuel the place for fans to engage with sports they love in new and exciting ways."

The FanDuel board has been strengthened further by the addition of Carl Vogel as chairman, and David Nathanson as an independent director. Vogel previously served as chairman and president of US satellite broadcaster Dish Network, and president and CEO of telecommunications business Charter Communications.

Nathanson spent 18 years at 21st Century Fox in various roles, including president of horse racing TV channel TVG, and most recently head of business operations for Fox Sports Media Group.