New boss wanted by Paddy Power

PADDY Power is on the hunt for a boss following the announcement that Patrick Kennedy is standing down.

Kennedy, who joined the Irish bookmaker in 2005 and took over as chief executive in January 2006, will leave in April 2015 after a decade.

In that time Paddy Power has seen its annual profits rise more than fourfold from €31m (£25m) to €141m (£115m).

Shares, which are quoted in euros, fell 4pc as investors showed their disappointment.

‘I have loved every day of being Paddy Power’s chief executive,’ said Kennedy, pictured. ‘I have had the privilege of working with some enormously talented and supportive people over the years that I’ve been here. I have always had a personal view that after ten years at the helm, change is good, both for the business and the individual. With this in mind, I have given notice to the board of my intention to step down next April, the tenth anniversary of my appointment.’

Chairman Nigel Northridge said he was ‘sorry to see Patrick go’ following a period of ‘exceptional development and growth’. Paddy Power, which was founded in 1988, has become a major player in the industry and has not shied away from eye-catching and often controversial stunts to raise its profile. ‘Given the group’s very impressive track record under his [Kennedy’s] tenure, this is likely to lead to a period of uncertainty for investors,’ warned analysts at Davy Stockbrokers. Paddy Power said the amount of money staked by investors has risen 15pc so far this year with total revenues up 5pc – even before the start of this summer’s football World Cup in Brazil.