Nigel Eccles, founder of daily fantasy sports giant FanDuel has stepped down from his role as CEO and is leaving the company.
Matt King, who served as chief financial officer of FanDuel from 2014-16, will return to replace Eccles as CEO and join the board of directors, the company said in a press statement.
“With his strategic vision, range of experiences, and broad skill set, I cannot imagine a better individual to steer FanDuel forward,” Eccles said of King in the release. “With tremendous legislative strides in the past two years and the business moving into profitability, 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.”
Eccles, 42, founded FanDuel in 2009 and built it into one of two dominant DFS companies, alongside competitor DraftKings. He said he is leaving the company to “focus on his next venture.”
“Nigel achieved something remarkable—he completely redefined an existing industry,” the FanDuel board of directors said in the press statement. “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, 38, has spent the last year as president of regional operations and corporate development for insurance broker Cottingham & Butler. Before his time as CFO with FanDuel, King was a director at global investment firm Kohlberg, Kravis and Roberts and Co.
“It’s an incredible honor to return to FanDuel at such an exciting time for the company,” King said in the release. “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.”
FanDuel also announced that Carl Vogel, formerly vice-chairman and president of DISH Network, was named Chairman of the Board. David Nathanson, a veteran of 21st Century Fox, will also join the board as an independent director.
