Paddy Power have appointed a new Chief Executive Officer (CEO) who will take over the reins of the Irish gambling giant from January 1, 2015.
Shares in Paddy Power fell 4% in May when the company announced that Patrick Kennedy was stepping down as CEO after 10 successful years in charge. Under Kennedy’s guidance, Paddy Power’s share price has almost quadrupled and the company has grown from a small Dublin-based outfit to being a major rival to traditional betting chains William Hill and Ladbrokes.
It has taken almost six months of searching for Kennedy’s replacement and the company has found his replacement within its own crop of talented executives.
Andy McCue, who is the Managing Director of Paddy Power’s retail operations across Ireland and the United Kingdom, is set to take over at the helm and immediately joins the board. McCue has been with Paddy Power for eight years and during that time he has transformed the UK retial operation from being loss making to a 305-shop estate with the highest profitability per shop in the gambling industry.
McCue’s predecessor was full of praise for McCue stating that the company is “in excellent hands.”
“This is a great day for Paddy Power. Andy will bring energy, strong leadership and a detailed knowledge of the business to the role of chief executive. I look forward to working closely with him over the coming months. The future of Paddy Power is in excellent hands.”
Kennedy had previously hinted that he may remain at Paddy Power in the role of a non-executive director, but has since gone back on those plans.
In a statement on the Paddy Power corporate site, McCue said: “I am very excited to be taking on the leadership of Paddy Power. Patrick has transformed the business over the last 10 years, strongly positioning us in attractive markets which are delivering good payback. We have a tremendous team and I very much look forward to working with them to build on that success by continuing to engage customers with the best value, product and brand.”
Lead image courtesy of The Telegraph