by Anton Johan
Paddy Power executives have plenty to smile about these days, following an
announcement by the group that massive bonuses are in store for its top team.
A bonus package worth €20 million is on the cards for Chief Executive
Officer, Patrick Kennedy and his team of top execs if they manage to grow
profits by 15% per year in the next two years.
Last week, Kennedy and his team earned themselves a very pleasing €6.86
million in bonus shares as a reward for good performance.
Paddy Power introduced a unique bonus scheme three years ago that would
reward executives large sums of money for long term performance.
Over and above the €6.86 million, the team was rewarded an extra €6.5
million worth of shares that can only be vested in just under two years time.
The condition to receive these payouts, which will be worth €20 million in
two years, is to increase profits by 15% p/a.
All in all, Kennedy and his management team own a staggering €17 million
worth of shares in Ireland's biggest bookie group.
Paddy Power made headlines this weekend after it was revealed that the group
had offered beleaguered golfer, Tiger Woods, a sponsorship deal worth $75
million over a five year period.
This is despite the fact that Woods has lost millions in sponsorships since
his infidelities were dramatically revealed.
Paddy Power's offer came in order to use the golfer's sporting reputation to
attract more international users to its site.
However, Tiger Woods' agents turned down the offer and said that they were
not considering any additions to the golfer's sponsorship portfolio at the
moment.
Not a group to give up easily, Paddy Power said that it would return for a
bigger offer.
