Paddy Power bets on inside man for CEO
Paddy Power has bet on its own head of retail operations, Andy McCue, after announcing he will replace departing chief executive Patrick Kennedy.
Mr McCue (39) has been with the Dublin-based company for eight years and been a member of the group's management committee for the past five.
Analysts said the appointment from within the Paddy Power ranks was unsurprising given the strength of its executive talent pool.
A Scotsman, Mr McCue heads Paddy Power's retail business in Ireland and the UK, a post he took on last year after a major management reshuffle.
He is also responsible for the group's regulatory and public affairs.
Paddy Power chairman Nigel Northridge said the company's nominations committee undertook a "comprehensive international search" for a new chief executive.
"We were very pleased, if unsurprised, with the calibre of the candidates from inside and outside the business," he said.
Mr Northridge added that Mr McCue had an "outstanding track record and has consistently demonstrated strong leadership across the business".
Mr Kennedy, who will step down from the top job next April, also welcomed the new appointment.
He had previously not ruled out staying as a non-executive director of Paddy Power once his tenure as CEO ends, but said a decade running the company was enough.
"Change is a good thing for both the business and the individual," he said in May. "I've always felt that 10 years in a role like this is enough time at the helm.
"It's no more complicated or exciting than that."
Paddy Power finance chief Cormac McCarthy had ruled himself out of the CEO race.