Gambling operator Paddy Power Betfair confirmed today the departure of former Paddy Power CEO Andy McCue from his role of Chief Operating Officer at the newly merged gambling company. Mr. McCue will step down from his post on April 30.
The official joined Paddy Power in 2006. He was appointed as Chief Executive of the major gambling operator in January 2015, succeeding a long-time CEO Patrick Kennedy.
It was shortly after his appointment when Paddy Power announced that it considered the possibility to merge its operations with fellow gambling company Betfair. The £6-billion deal was confirmed in the summer of 2015 and was closed earlier this year. Thus, one of the world’s biggest gambling operators was created. Based in Dublin, the recently merged entity is expected to annually generate £1.1 billion in revenue and £50 million in pre-tax cost savings. Former Betfair CEO Breon Corcoran took the reigns of the enlarged group, once the merger was completed.
Many found Mr. McCue’s departure from Paddy Power Betfair quite a surprising move as it was believed that the official may eventually succeed Mr. Corcoran as lead of the newly merged gambling company.
On the latest announcement, Paddy Power Betfair’s CEO commented that Mr. McCue has played an extremely important role in the materialization of the merger plan and its successful completion. Mr. Corcoran also said that as a Paddy Power CEO, Mr. McCue led the gambling operator strongly and embedded a growth strategy that proved to be the right one, delivering record revenue and profits.
Of his departure, Paddy Power Betfair’s COO said that he has enjoyed the opportunity to lead and work with people who have “created a dynamic and successful” gambling business. According to the official, the combined Paddy Power Betfair business will prove to be “greater” than the sum of its parts.
Mr. McCue added that he believes now is the right time to pursue new endeavors and that he wishes the Paddy Power Betfair team the very best.
As mentioned above, the official will resign from his post on April 30. Paddy Power Betfair revealed that it has not found a permanent replacement for Mr. McCue but has already started looking for a person to take on his role.
