London-listed betting and gaming operator Paddy Power Betfair has hired Jonathan Hill as its new chief financial officer.

Hill will join the company from Saga, a London-listed business providing healthcare, insurance, travel and financial services to the over 50s.

Prior to joining Saga he served as group finance director for construction firm Bovis Homes Group, and has also held senior finance roles at travel operator TUI and utility company Centrica.

Hill will take over the CFO role in the autumn to replace Alex Gersh, who announced earlier this month that he intends to step down from the company.

"We're delighted that Jonathan is joining us," Paddy Power Betfair chief executive Peter Jackson said. "He brings substantial strategic and operational finance experience in consumer businesses and I am confident he will make a significant contribution to Paddy Power Betfair's future success."

Commenting on his appointment, Hill said: "I am excited to be joining a business with great brands, differentiated products and substantial international scale.

"There are many opportunities to drive shareholder value and I look forward to being part of the team to deliver this."

Shares in Paddy Power Betfair plc (LSE:PPB) were trading down 1.65 per cent at 7,140.00 pence per share in London Wednesday morning.