19th Apr 2005 10:19
Paddy Power plc19 April 2005 PADDY POWER ANNOUNCES APPOINTMENT OF NEW CHIEF EXECUTIVE. Paddy Power plc today (Tuesday, 19th April), announces the appointment ofPatrick Kennedy to succeed John O'Reilly as Chief Executive when O'Reillyretires from his position in December 2005. Patrick Kennedy (35) is currentlyChief Financial Officer and an executive Director of Greencore Group plc, theinternational convenience food and ingredients company. He is also anon-executive Director of Paddy Power, having joined the Board in March 2004.He will join Paddy Power as Chief Executive designate in the autumn. Commenting on the appointment, Fintan Drury, Chairman of Paddy Power said: "TheBoard is very pleased to announce the appointment of Patrick as our next ChiefExecutive. In his seven years at Greencore, he has played an influential role asGroup Development Director and then as Chief Financial Officer. "Patrick is young and this move is a significant challenge for him given that itwill be his first as a CEO. However, he is precisely the person to lead thiscompany. He brings highly relevant skills, experience and insights as well asgreat drive and dynamism. He is a strategist, his financial capabilities areclear, his people skills are widely appreciated and he has a great feel for thebrand. His love of sport and his appreciation of the Paddy Power culture arealso strong attributes. Added to all of this is the fact that he has been anavid punter since his College days! "Patrick's selection to succeed John is the result of a thorough recruitmentprocess undertaken by a sub-committee of the Board set up specially to selectthe Chief Executive. This sub-committee comprised Nigel Northridge, David Power,Stewart Kenny and myself. With the assistance of international recruitmentspecialists, we interviewed several candidates with strong credentials from bothIreland and the UK. This followed a comprehensive executive search programme.We are delighted to have settled on such a high calibre appointee as Patrick. "In announcing Patrick's appointment, I want to pay particular tribute to JohnO'Reilly, who has been one of the central characters in Paddy Power's success todate. John has been with Paddy Power for 17 years and in that time contributedin so many ways to the development of the business. His achievements includethe expansion of the business into the on-line sector and, on succeedingfounder, Stewart Kenny as Chief Executive, the delivery of record turnover,profit and earnings performance." Patrick Kennedy said: "As a long time unsuccessful punter, it will now be apleasure to reverse roles! Paddy Power is a fantastic brand, has a talentedmanagement team and strong growth prospects. John, and Stewart before him, haveestablished a tremendous base from which to attack that potential and I lookforward to the challenge. I've spent over seven very enjoyable years withGreencore, working with a great group of people, and have gained invaluableexperience, for which I'm very grateful." Patrick Kennedy, BComm, ACA, joined Greencore in January 1998 and was appointedto the Board in February 2001. Prior to joining Greencore, he worked withmanagement consultants, McKinsey & Company and KPMG Corporate Finance. Ends 19 April 2005 Issued on behalf of Paddy Power plc by: Drury Communications Limited. For Reference contact: Mark Cahalane/Oonagh Daly Phone: 00 353 1 2605000 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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