The governance of FTSE100 listed Paddy Power Betfair (PPB) has defended its handling of the disclosure of the departure of Breon Corcoran as Group Chief Executive.
The betting firm stated that it had ‘strictly adhered’ to UK Financial Conduct Authority rules with regards to its leadership succession plans and that the company had not leaked any ‘inside information’.
Last week, The Financial Times printed a letter critical of PPB handling of Corcoran’s departure with regards to corporate disclosure obligations.
Defending its position, PPB stated that it was forced to announce the departure of Corcoran as CEO, following Sky News reports that it had hired external search firms to find a successor.
On the morning of Monday 7 August, PPB governance issued a corporate statement detailing the departure of Corcoran, with former Worldpay CEO Peter Jackson taking over company leadership.
In subsequent interviews, Corcoran has informed that he had expressed to PPB governance his desire to leave the gambling sector in late 2016, having completed the first year of post-merger Paddy Power and Betfair operations.
The FTSE operator would undertake a succession plan led by Chairman Gary McCann with the assistance of the firm’s corporate nomination committee.