The news of the highly anticipated Paddy Power Betfair merger was huge last year. Two of the biggest gambling giants joined forces with the €10bn deal eventually being sealed two months ago.However, in just a matter of weeks after the Paddy Power Betfair merger, the CEO, Andy McCue is to leave. Despite the condition of his contract (which came into force when the deal was finalised in January) stipulating that Mr McCue had to give 12 months notice, he will actually be finishing his position in the company at the end of April.
No ill-feeling
Despite the shock exit, it isn’t believed there has been any ill-feeling or dissent at board level as Mr McCue will be treated as a ‘good leaver’ and any share options he holds with Paddy Power Betfair, will remain. However, he will not be able to take up any job with a rival company for at least 12 months as per the non-compete and non-solicitation covenants.
It is thought that Paddy Power Betfair won’t be seeking a new replacement, but rather the current Chief Executive Breon Corcoran will take on more responsibility.
New opportunities
After confirming his departure, Mr McCue stated: “I have thoroughly enjoyed leading and working closely with a great team of people who have created a dynamic and successful business. I feel now is the right time to pursue new opportunities and, in doing so, wish everybody in Paddy Power Betfair the very best for the future”
Current Chief Executive Mr Corcoran said of Mr McCue that he played a “pivotal and hugely constructive role” in the Merger of Paddy Power and Betfair. “As CEO of Paddy Power, he led the business strongly, embedding a new growth strategy which delivered record revenues and profits”.Last year Paddy Power generated a revenue that was 24% higher than the previous year at €1.1bn, with pre-tax profits of €180m – a record for the company.