3BREON

Sunday Independent (Ireland) - Business & Appointments - - FRONT PAGE - COR­CO­RAN, PADDY POWER BET­FAIR, €10.73M

Cor­co­ran left his role as Paddy Power Bet­fair boss at the be­gin­ning of this year. His tim­ing looks pre­scient af­ter the com­pany’s first trad­ing up­date of 2018 was pretty dis­ap­point­ing.

It’s an in­ter­est­ing time for the com­pany with in­tense com­pe­ti­tion, grow­ing reg­u­la­tory pres­sures and the shift to dig­i­tal all pos­ing chal­lenges for new chief ex­ec­u­tive Peter Jack­son.

Cor­co­ran’s pay pack­age is prob­a­bly the most com­pli­cated of all the ISEQ20 bosses as it in­cludes legacy as­pects re­lat­ing to his time at Bet­fair when it was a sep­a­rate en­tity.

We put his pack­age at €10.73m, based on the euro-ster­ling ex­change rate at the end of 2017. The most lu­cra­tive as­pect was the vest­ing of 72,361 share op­tions un­der a Bet­fair scheme.

The merger al­lowed for Cor­co­ran to ex­change his Bet­fair awards for equiv­a­lents over Paddy Power Bet­fair shares. Based on the share price on the vest­ing date, we at­tribute a value of more than £6m to this as­pect of Cor­co­ran’s pay. The op­tions had not been ex­er­cised as of the end of 2017.

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