Paddy Power Online Betting CEO Leaving 2015

Published Tuesday, May 13, 2014 - Online-Casinos.com
Paddy Power Online Betting CEO Leaving 2015

Some online gambling firms really stand out when it comes to their transparency and media presence none more so in certain circles than Paddy Power the iconic Irish bookie. A recent announcement that Patrick Kennedy is to leave his position as the group’s chief executive officer in April 2015 is a good example of the company commitment to keeping the public in the loop.

Paddy Power has been growing under the leadership of Mr. Kennedy with the embracing of online gambling and bold advertizing choices.  Paddy Power has opened 14 new shops during 2013, 14 of these being in the UK market and 11 in Ireland.

Chairman Nigel Northridge and a nomination committee are now on the hunt for a successor to Mr. Kennedy, with the field open to both internal and external sources. Mr. Northridge commented, “We will be sorry to see Patrick go next year, but are extremely grateful for his service over the years.” Northridge continued, “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.”

Online net revenue is up 1% on the same period last year with a 12% growth in internet betting and business-to-business net revenue.

Kennedy commented about the departure, “I have loved every day of being Paddy Power's chief executive,” adding, “I have always had a personal view that after 10 years at the helm, change is good, both for the business and the individual.”

Paddy Power announced recently at its AGM its financial figures for the period from January 1 to May 11, 2014. It was reported that total net revenue is up 5% on the same period in 2013 while sports book amounts staked also increased by 15% on a year-on-year basis.

 

 

 

 

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