by Renee Israel
The Irish retail and online gambling and sports betting group, Paddy Power
had been experiencing significant growth over the past few years.
As such, to ensure that the most professional people take the group into an
ever expanding gambling market, whether in Ireland, Europe or the United States,
the group announced three new senior management appointments this week.
The new senior level appointments will take effect from October this year and
will provide support to Paddy Power's financial, legal and compliance sectors.
The first appointment announced was that of Cormac McCarthy, the 49 year old
non executive director who will now take over the important job of Chief
Financial Officer of Paddy Power.
McCarthy's appointment also means that he will become executive director on
the company's board.
Jack Massey will give up his place as executive director for McCarthy and
will instead take up the position of Director of Finance and Company Secretary.
Finally, David Johnston, who is currently Company Secretary and General
Counsel will focus more on legal and compliance functions as Paddy Power's new
Group General Counsel.
Paddy Power Investing For Growth
The Chief Executive of Paddy Power, announcing the new executives,
said that the group has a strong track record "for investing for growth" and
that the new 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," said CEO Patrick Kennedy.
He said that he looked forward to Cormac joining the management team and
strengthening its capacity to scale the business.
"Jack has been a central contributor to the success of Paddy Power and will
continue to play a key leadership role in the group," he said. "David's expanded
role as Group General Counsel is driven by our entry into new geographies."
New Paddy Power Director Finance
Jack Massey, the new Director of Finance and Company Secretary for Paddy
Power, spoke about his appointment.
"I have thoroughly enjoyed over six years as Finance Director for Paddy Power
and I am delighted to be moving to a role that will see me specialise more in
finance and investor relations, take on new responsibilities as company
secretary and have increased capacity for strategic initiatives," he said.
The new appointments will lead Paddy Power into the US gambling market as it
awaits a license from the Nevada gambling authorities to offer its services
across the pond.