Paddy Power appoints Andy McCue as CEO

Paddy Power has, as expected, promoted from within to succeed outgoing chief executive, Patrick Kennedy.

The betting and gaming services giant yesterday named Andy McCue — who currently heads up the firm’s retail operations across Ireland and Britain — as the man to take over when Mr Kennedy steps down early next year.

While an internal candidate was expected, a number of external candidates were also considered.

Earlier this year, Mr Kennedy announced his intention to step down after 10 years in the job. Just last week, at Paddy Power’s interim results presentation he was asked about progress being made on the search for his successor and said that the company’s board had made good progress over the summer months and were “well advanced” on making a new appointment.

Speaking yesterday, the outgoing CEO said: “This is a great day for Paddy Power. Andy will bring energy, strong leadership and a detailed knowledge of the business to the role of chief executive. I look forward to working closely with him over the coming months. The future of Paddy Power is in excellent hands.”

According to Davy Stockbrokers: “While he has not had direct responsibility for online operations at the group in his time there, he will now lead and be ably supported by a vastly experienced online team.

“It should be noted that the current CEO had little online experience when he took the role, and yet Paddy Power has grown to become one of the leading online gaming companies in the world in that time.” Goodbody Stockbrokers’ Gavin Kelleher noted Mr McCue’s leading of the group’s online and retail multi-channel strategy, which is growing in importance.

“He has in-depth experience across the group for eight years, and under his leadership UK Retail has been taken from loss making to a 305 shop estate with the highest profitability per shop in the sector,” he said.