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McCue leaves Paddy Power Betfair

29 March 2016

 

Former chief executive Andy McCue is set to leave the newly-merged Paddy Power Betfair at the end of April to "pursue new opportunities".

McCue, who became chief operating officer when Paddy Power merged with Betfair last month, joined Paddy Power in 2006 and took over as chief executive in January last year.

Breon Corcoran - who left Paddy Power to join Betfair as chief executive - has continued in that role following the merger and said of McCue: "Andy has played a pivotal and hugely constructive role in the successful merger, for which I am very grateful."

Last November Paddy Power said that the "ongoing contribution" of McCue was considered to be "of core importance to the success of the combined group" and the company entered into a new service agreement with him.

McCue said: "I leave Paddy Power Betfair following the completion of the merger and in the knowledge that this combination will be greater than the sum of its parts."

Some had wondered how long McCue would stay in the role given he had stepped down from being chief executive.

However, analyst Simon French of Cenkos said in a note: "This is a surprising move, in our view, given the board and leadership team had only recently been established leading to the departure of some top talent, which in light of today's announcement, the group may have wished to retain."

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