Paddy Power CEO to step down next year
Bookmaker Paddy Power has announced that its chief executive Patrick Kennedy is to step down in April 2015.
Having joined the group in 2005, he has been chief executive since January 2006.
Explaining his decision to leave, Kennedy said: “I have loved every day of being Paddy Power’s chief executive. I have always had a personal view that after ten years at the helm, change is good, both for the business and the individual. With this in mind, I have today given notice to the board of my intention to step down next April, the tenth anniversary of my appointment.”
Paddy Power chairman Nigel Northridge is now setting about selecting and appointing Kennedy’s replacement with both internal and external candidates being considered.
Northridge said Kennedy had given the company more than adequate time to ensure a smooth transition as he had given notice well in excess of his contractual obligation. He 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.”
