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PaddyPower CFO Millions In Bonus
11/25/2012 : PADDY POWER CFO IN LINE FOR MILLIONS IN BONUS PAYOUT
Based on achieving set targets
Former Ulster Bank chief and recently appointed chief financial officer of Paddy Power, Cormac McCarthy, was awarded 35 000 conditional shares under the company's "2004 long-term incentive plan" last week which according to this week's closing price are currently worth around Euro 2.02 million.
The shares commit McCarthy to Paddy Power until 2015, the earliest in which they may vest, but certain criteria and targets must be achieved to make him eligible for a payout.
An unnamed company spokesperson said in a statement to the Irish Independent newspaper that: "The awards vest if earnings per share grows by an amount at least equal to the compound growth of the consumer price index plus 12 per cent per annum, over a period of three years."
McCarthy's former employer, Ireland's third biggest banking firm, The Ulster Bank has needed billions of bailout funding from UK parent RBS and was forced to embark on a staff retrenchment programme at the beginning of 2012.
McCarthy tendered his resignation in 2010 but agreed to remain until a suitable replacement was found eventually leaving the bank in April 2011 when it appointed chief executive Jim Brown.
Betradar Launches US Sports Betting Solutions -
With only a few weeks to go until the betting and gambling world descends on ICE in London, Betradar have today announced that they will be launching a comprehensive range of tools and services to any company that will be looking to provide sports betting in a post-PASPA United States.
Final 12 For MPNPT Morocco -
Sunday on the MPN Poker Tour Morocco will see several trophies awarded at the Mazagan Beach Resort, with the largest going to the Main Event champion along with a prize of MAD 400,000 (c.€35,400).
MPNPT Morocco Updates -
Leading the 104 combined survivors from both flights is still Said El-Yousfi with 272,000 chips; visit the MPN Poker Tour blog for an end-of-day recap and full chip counts.
MPN Poker Tour Morocco Day 1A -
The MPN Poker Tour has returned to Morocco this week (January 11-14), featuring the MAD 1.5 million guaranteed Main Event, accompanying side events, and the activities and parties for which this tour has now become known on two continents.
2018 MPN Poker Classic -
The MPN announces the return of The Classic tournament series this January. The series is back following its successful €350,000 guaranteed debut in 2017. This time €500,000 is guaranteed, along with a once in a lifetime trip to Monaco for the Classic Champion.
PDC and Sportradar Renew Deal -
Following this month’s hugely successful World Championship, the Professional Darts Corporation (PDC) and long-standing partners Sportradar have renewed their multi-faceted cooperation that will see the leader in sports data and content continuing in their role as official data
Poker Yaar Joins MPN -
Available through download, instant play and mobile, Pokeryaar.com is live with Omaha, Hold’em and Five-Card poker variants, alongside MPN’s Fish Party, the industry’s only progressive jackpot SNGs.
New MPN Poker Rooms Tower Torneos -
Impressed with Microgaming, having already integrated with the Quickfire platform to gain access to some of the industry’s best gaming content, Tower Torneos has extended the relationship with poker.<
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