FanDuel CEO and co-founder Nigel Eccles is leaving the company and stepping down from its board of which he was chairman.
The company was founded in 2009, and since then, Eccles was at the CEO position. The reason behind his decision is that he is planning to start an eSports company. Eccles will be the chairman of the new company.
Matt King will replace Eccles as CEO. He is well-versed with the company as he worked as Chief Financial Officer of FanDuel from 2014 to 2016. He will also join the board of directors, effective immediately.
“With his strategic vision, range of experiences, and broad skill set, 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 (Quarter 4), 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, is considered the “godfather of daily fantasy sports” by some in the industry. Under his direction, the company rose to the top of the daily fantasy industry, alongside rival DraftKings.
“Nigel achieved something remarkable he completely redefined an existing industry,” the FanDuel board of directors noted in a 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.”
Eccles is not disclosing much about his new company yet, but said it’s about the competitive video gaming industry. “Just a thought in my head,” he noted. Eccles says he’s excited about this new industry in the market — eSports.
“Traditional sports are in harvest mode,” he said in an interview with Recode. “ESports are in growth mode.”