FanDuel has announced that Nigel Eccles has stepped down as chief executive, with former chief financial officer Matt King to move into the role.
Eccles led FanDuel since he co-founded the daily fantasy sports (DFS) company in 2009, but will now exit the business and also depart its board of directors in order to “focus on his next venture”.
King was chief financial officer at FanDuel from 2014 until 2016 and will now take up the position of chief executive and join the board with immediate effect.
Most recently, King served as president of regional operations and corporate development at Cottingham & Butler and, prior to his time with FanDuel, was also a director at Kohlberg, Kravis, Roberts and Co., as well as a consultant at McKinsey & Company.
“With his strategic vision, range of experiences, and broad skillset, I cannot imagine a better individual to steer FanDuel forward,” Eccles said.
“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 capitalise on the momentum in the sports technology space to take FanDuel to the next level.”
The FanDuel Board also said in a statement: “Nigel achieved something remarkable, he completely redefined an existing industry; 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.”
Speaking about his return to the company, King added: “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.”
Meanwhile, FanDuel has also confirmed the appointment of Carl Vogel as its new chairman of the board, while David Nathanson will now join the company as an independent director.
Vogel was previously vice-chairman and president of US satellite broadcaster Dish Network Corp., and also spent time as president and chief executive of Charter Communication.
Nathanson served in various senior roles during an 18-year spell with US media company 21st Century Fox, recently as head of business operations at Fox Sports Media Group.