Wednesday May 23, 2012 :  NEW EXEC APPOINTMENTS AT PADDY POWER
 
Appointments necessitated by increase size of group
 
A number of senior management appointments were announced by Paddy Power Chairman Nigel Northridge today (Wednesday).
 
The appointments, effective October 2012, reflect the increasing scale of the group and will serve to enhance its financial, legal and compliance functions, said Northridge.
 
Non-executive director, Cormac McCarthy (49) has been appointed chief financial officer and will become an executive director.  McCarthy has a long history in high profile financial institutions that include acting as chief executive of Ulster Bank while concurrently serving as a member of the Royal Bank of Scotland Group Management Committee and deputy chief executive of Royal Bank of Scotland UK Retail.  Prior to which, he was chief financial officer and then chief executive of First Active plc.  He is a Fellow of the Institute of Chartered Accountants in Ireland and a graduate from University College Dublin, going on to qualify as a chartered accountant with KPMG.
 
Jack Massey (44), currently finance director of Paddy Power since 2006, has been appointed director of finance & as company secretary. He will resign as an executive director on assuming the role of company secretary.  Prior to joining Paddy Power, Massey worked with ITG Europe – the European Division of Investment Technology Group as chief operating officer and prior to that finance director.  He qualified with Arthur Andersen and is a Fellow of the Institute of Chartered Accountants.
 
David Johnston (40), currently Company Secretary and General Counsel since 2007, will focus exclusively on leading an enlarged legal and compliance function as Group General Counsel.
 
Paddy Power chief executive Patrick Kennedy said: "We have a strong track record of investing for growth and today's appointments represent another step in this direction. They broaden and deepen our capability and capacity in the key areas of finance, legal and compliance and follow our philosophy of hiring, rotating and retaining great talent.