Paddy Power Betfair declares fresh CFO appointment.
The new Chief Financial Officer (CFO) for Irish bookmaker PPB is none other than Jonathan Hill. Hill, who previously served as the CFO for the Saga Group, will replace Alex Gersh who is leaving due to personal reasons.
After a bumpy restructuring phase, PPB is looking optimistically towards the future. Chairman and PPB's new Managing Director, Peter Jackson, expressed his delight in having Hill on board in the official announcement: "We're thrilled to have Jonathan joining us." The gaming giant, which was formed from the merger of Paddy Power and Betfair in 2016, believes Hill will make a substantial contribution to its success.
With a wealth of strategic and operational financial experience in consumer businesses, Jackson is confident in Hill's capabilities. He specifically mentioned his level of experience with British Gas, TUI Travel UK, Bovis Homes, and the Saga Group, all of which are listed on the London Stock Exchange's FTSE 250 Index. Now that Hill is joining a FTSE 100 company, a company made up of the top 100 companies with the highest market capitalization on the London Stock Exchange, he is confident and shares:
"I'm excited to be a part of a company with strong brands, unique products, and significant international reach. There are plenty of opportunities to increase shareholder value. I'm looking forward to being a part of this team."
Following the abrupt departure of CEO Breon Corcoran in January and the prompt announcement of CFO Alex Gersh leaving, sources have revealed that an external executive search firm was even commissioned to find a replacement for Gersh. However, Hill's appointment was announced at the beginning of March, indicating Gersh's replacement was imminent.
Remarkable Career Footprints
With an esteemed career path, Hill certainly has a lot to boast about: after studying economics in Nottingham from 1988 to 1991, he played rugby while working as commercial director of British Gas from 2004. Following that, Hill held the CFO position at TUI Travel UK for approximately six years.
As he made his way through Bovis Homes, Hill continued in the CFO role from 2010 to 2015. Most recently, he spent over two years as CFO of the profitable British Saga Group, a multimillion-pound insurance company specializing in senior citizens' needs.
Given the high level of Hill's previous business units that are publicly listed on the London Stock Exchange's FTSE 250 Index, he is poised for success at PPB, which is currently listed on FTSE 100. With a diverse and successful career history, he's well-equipped to tackle the position at PPB.
Steady Market Prospects
For PPB, despite a recent tumultuous period with the merger between Paddy Power and Betfair in 2016 and subsequent management changes, sales have only slightly declined. On the plus side, there's been a loss of just 1.58% on the London Stock Exchange.
As it sets its sights on the US market, with a potential legalization of sports betting under President Donald Trump, the company aims to gain a foothold through the acquisition of fantasy sports provider "Draft". PPB also intends to expand its presence in the Australian market. Plans are already underway for targeted advertising campaigns for this purpose.
Advertising spending is due to increase across all levels in 2018. As one of the UK's most influential companies, PPB ranks second in the "Power 50" annual ranking of the most powerful online gaming operators published by industry magazine eGaming Review (EGR) for the past two years, behind leader bet365.
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Source: www.onlinecasinosdeutschland.com
