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.