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FanDuel CEO Nigel Eccles stepping down to pursue other opportunities

Nigel Eccles, CEO and founder of daily fantasy operator FanDuel, is stepping down to pursue other opportunities, the company announced Monday morning.

Matt King, who served as Chief Financial Officer of FanDuel from 2014-16, will return to the company to replace Eccles as CEO and 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 of King in a release announcing his departure. "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, 42, founded FanDuel in 2009 and 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.

The company said Eccles is leaving FanDuel and stepping down from the board of directors to "focus on his next venture."

"Nigel achieved something remarkable -- he completely redefined an existing industry," the FanDuel board of directors said 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."

King, 38, had 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 Monday's 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."