€2.5m bonus for bookmaker if he hits ‘challenging’ targets

PADDY Power director Breon Corcoran is in line for a bonus of up to €2.5 million in 2009.

The bookies’ annual report for 2006, which was sent to shareholders yesterday, said Mr Corcoran, 35, is in line for the windfall payment, outside of his regular performance bonus, if he achieves ‘‘very challenging’’ operating profit targets.

Mr Corcoran is managing director of Paddy Power’s non-retail channel, comprised of its telephone and betting arms. This end of the business has been responsible for much of the firm’s profit growth in the last two years and Paddy Power said the long-term bonus plan for Mr Corcoran was drawn up to reflect Mr Corcoran’s role in its development.