19th Sep 2005 16:47
Paddy Power plc19 September 2005 19th September 2005 Paddy Power plc Further to the announcement of 19 April 2005 notifying the appointment ofPatrick Kennedy to succeed John O'Reilly as Chief Executive, Paddy Power plcannounces that Mr. Kennedy today joins the Group in the position of ChiefExecutive Designate. Following the retirement of Mr. O'Reilly from the positionof Chief Executive on 31 December 2005, Mr. Kennedy will take up the position ofChief Executive on 1 January 2006. Under the 2004 Long Term Incentive Plan, Patrick Kennedy, has today beenconditionally granted 70,000 ordinary shares. These shares will vest in 2008subject to the achievement of the performance criteria as defined in the 2004Long Term Incentive Plan. Under the terms of his contract with the Group afurther 80,000 shares will conditionally be granted to Mr. Kennedy in 2006 whichwill vest in 2009 subject to the achievement of the performance criteria asdefined in the 2004 Long Term Incentive plan. Mr Kennedy currently holds 3,000 shares in Paddy Power plc which represents0.01% of the issued share capital of the company. End This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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