Irish bookmaker Paddy Power has announced that Patrick Kennedy is to stand down from his position as the group’s chief executive in April 2015.Kennedy first joined the company in 2005 and was appointed chief executive in January 2006.
The nominations committee, headed up by chairman Nigel Northridge, will now commence a process to select and appoint a new chief executive. This process will consider both internal and external candidates.
“I have loved every day of being Paddy Power’s chief executive,” Kennedy said. “I have always had a personal view that after 10 years at the helm, change is good, both for the business and the individual.”
Chairman Northridge added: “We will be sorry to see Patrick go next year, but are extremely grateful for his service over the years.
“He has overseen a period of exceptional development and growth in Paddy Power: in 2005, we earned pre-tax profit of €31million ($42.7 million), last year it was €141million.”
Meanwhile, Paddy Power announced today (Tuesday) at its annual general meeting an updated set of financial figures for the period from January 1 to May 11, 2014.
During the period, the bookmaker reported that total net revenue is up 5% on the same period in 2013 while sportsbook amounts staked also increased by 15% on a year-on-year basis.
Online net revenue is up 1% on the same period last year with a 12% growth in eGaming and business-to-business net revenue offsetting the adverse impact of year-on-year sports results.
Elsewhere, like-for-like total net revenue for Paddy Power’s UK retail business is up 1% while net revenue for the firm’s Irish retail operation also jumped 4% on a year-on-year basis.
Paddy Power also opened 14 new shops during the period, 14 of these being in the UK market and 11 in Ireland.
source : www.igamingbusiness.com
