Patrick Kennedy is leaving Paddy Power and the next Chief Executive will have big shoes to fill after.
Everyone was shocked to hear about Patrick Kennedy leaving online and mobile betting firm Paddy Power, but the announcement also hurt the company stock, as the listed bookie dropped EUR 250 million in value.
According to local gambling news, Kennedy’s job was among the highest paid roles in Irish listed companies. Since working with Paddy Power, Kennedy has picked up shares worth EUR 24.6 million, dividends plus salaries worth over EUR 15 million over the last decade.
But Patrick Kennedy has earned every penny of it, helping share price rise fourfold and quadrupling company profits.
Rivals taking bets on who’s next
Now the question of everyone’s lips is: who will take over? Will it be Peter O’Donovan? Will Cormac Barry lead Paddy Power? Chairman Nigel Northridge is hiring headhunters and rival bookmaker Boylesports has started to accept bets on the matter.
Peter O’Donovan is priced at 5/1, while Andy McCue and Andrew Algeo are given 6/1 odds. Johnny Hartnett is at 8/1 and so is Betfair’s Breon Corcoran at 8/1. The leader of the Australian branch of Paddy Power – Cormac Barry – is at 10/1, along with William Hill’s Andrew Lee.
Industry specialists believe that Cormac Barry and Andy McCue both have a very good chance of being chosen to take over the company reins.