Thursday September 4,2014 : NEW PADDY POWER CHIEF EXECUTIVE APPOINTED
Internal promotion as Andy McCue gets the nod as Chief Executive Designate
The directors of the land and online gambling group Paddy Power have announced the appointment of Andy McCue as Chief Executive Designate, and a director of Paddy Power plc, with immediate effect.
McCue will succeed the current chief executive, Patrick Kennedy, on January 1st 2015. Kennedy announced his intention to step down as at the AGM in May.
McCue has been with Paddy Power for eight years and is currently managing director, Retail UK & Ireland. He also has responsibility for regulatory and public affairs, has been a member of the Paddy Power management committee since 2009, and leads the Group’s online and retail multi-channel strategy.
A company statement Thursday revealed that his appointment follows a comprehensive recruitment process, undertaken by the Nominations Committee of the Board led by the chairman, which involved a strong field of internal and external candidates.
Nigel Northridge, chairman of Paddy Power plc said: “We are delighted to appoint Andy as the successor to Patrick. He has an outstanding track record and has consistently demonstrated strong leadership across the business as a key member of the Management Committee and in his role driving the regulatory agenda. Andy is the ideal leader to drive Paddy Power’s next phase of growth.”
The incumbent CEO, Patrick Kennedy, said: “This is a great day for Paddy Power. Andy will bring energy, strong leadership and a detailed knowledge of the business to the role of Chief Executive. I look forward to working closely with him over the coming months. The future of Paddy Power is in excellent hands.”
Reciprocating, McCue said: "Patrick has transformed the business over the last 10 years, strongly positioning us in attractive markets which are delivering good payback. We have a tremendous team and I very much look forward to working with them to build on that success by continuing to engage customers with the best value, product and brand.”
McCue joined Paddy Power in 2006 as head of strategy, UK Retail. He devised the strategy that transformed the profitability of the UK Retail business and led its implementation as deputy managing director for the vertical.
In 2009, he was appointed managing director, UK Retail and joined the Paddy Power plc management committee. He later also assumed responsibility for regulatory and public affairs, and has overseen the development of the UK retail estate which is now 305 shops strong and generates the highest profitability per shop in the sector.
In 2013, McCue was appointed managing director, Retail UK & Ireland, assuming responsibility for the combined retail estates and the telephone business, which today turns over some Euro 2 billion and employs 3,000 people.
As a member of the Management Committee over the past five years, McCue, together with his senior management colleagues, has planned and overseen the on-going development of the Group.
Born in Scotland in 1974, McCue lives in Dublin and is married with one son. He graduated from Cambridge University in 1996 with an MA (Hons) in Economics and Management. He also holds a Masters in Finance from London Business School.
Prior to joining Paddy Power, he was a Principal with OC&C Strategy Consultants and a manager at Andersen.