Fantasy sports firm founder steps down

FanDuel CEO Eccles leaves for ‘new venture’

Nigel Eccles: stepping down (photo by Terry Murden)

FanDuel today announced that chief executive and co-founder Nigel Eccles is leaving the company and stepping down from the board.

He is focusing on his next venture which he described in a tweet as something in “eSports”.

Matt King, who served as chief financial officer from 2014-2016, has been named his successor and will join the board immediately. 

Mr King was most recently an equity partner and the president of regional operations and corporate development at ‎Cottingham & Butler.

Before joining FanDuel in 2014, Mr King was a director at Kohlberg, Kravis, Roberts and Co. as well as at KKR Capstone for 11 years where he focused on building new lines of business for KKR, due diligence on new investments, and improving the operating performance of KKR’s portfolio companies.

Before joining KKR, Mr King was a consultant at McKinsey & Company, where he served clients in a broad range of industries from insurance to petroleum. He will be based out of FanDuel’s New York headquarters.

Nigel Ecces tweeetNigel Eccles tweeted after his departure was announce

“With his strategic vision, range of experiences, and broad skillset, I cannot imagine a better individual to steer FanDuel forward,” said Mr Eccles who launched FanDuel in Edinburgh with his wife Lesley and two friends.

“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.”

FanDuel also announced that Carl Vogel has been named chairman of the Board, and David Nathanson will also join as an independent Director.

Mr Vogel previously served as the vice-chairman and president of DISH Network Corp., the nation’s second largest satellite broadcaster serving more than 14 million customers, and President and Chief Executive Officer of Charter Communications.

He currently serves as a director at various public companies focused on media distribution, content creation, and advanced technologies that are relevant to FanDuel’s current and future business opportunities.

Mr Nathanson, an 18-year veteran of 21st Century FOX, held various roles at the company, including General Manager & Chief Operating Officer of FS1, President of TVG, and most recently, Head of Business Operations of FOX Sports Media Group.

Mr King said: “It’s an incredible honour to return to FanDuel at such an exciting time for the company.

“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.”

The FanDuel Board 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.”

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