Breon Corcoran, who steered two of the biggest British bookmaker to merge into a juggernaut gambling firm, is finally stepping down from his post as the Chief Executive Officer of Paddy Power Betfair, the company announced on Monday.

Corcoran’s exit from Paddy Power Betfair was immediately felt by many investors on Monday morning after shares of the British bookmaker took a 7 percent nosedive. Corcoran recognized that his decision to leave Paddy Power Betfair “was a very difficult decision to make.”

Peter Jackson, who had been recently appointed chief executive of global payments group WorldPay, will take over the seat of Corcoran, according to the sportsbook.

“Peter Jackson was unanimously appointed by the independent members of the Board following succession process led by the Chairman and the Nomination Committee, together with Spencer Stuart, a leading, international executive search firm,” PaddyPower said in a statement. “The Board’s selection of Peter reflects his experience as a proven CEO; his track record of leading substantial businesses with international reach; and, a combination of technology and digital consumer sector expertise.”