McGann to take over as chairman at Paddy Power

McGann to take over as chairman at Paddy Power

Thursday, May 14, 2015 Totally Gaming

Paddy Power will see a further boardroom change after the announcement that chairman Nigel Northridge is to step down.

Gary McGann will replace Northridge at the end of June, with the change taking place just six months after Andy McCue took over as chief executive of the gambling company.

Northridge’s announcement came as Paddy Power reported strong top-line growth in the first four months of 2015, despite unfavourable sports results.

“I am delighted to announce that Gary McGann, who joined the board last year as a non-executive director, has agreed to assume the post of chairman when I step down,” Northridge said. “It has been a pleasure to have had the opportunity to serve on the board over the past 11 years.

“The group has made great strides in that time due in no small part to the endeavour and commitment of my board colleagues and of management, present and past, for which I thank them.”

McGann, who would not comment on his appointment today (Thursday), was named a non-executive director and as a member of the audit committee by Paddy Power in November 2014. He is also group chief executive officer of Smurfit Kappa Group and has served as group chief executive of Aer Lingus.

McGann will take over a company performing strongly, with online sports betting stakes up by 24 per cent and total net revenue by 36 per cent. In retail, sports betting stakes grew by 14 per cent and total net revenue by 21 per cent.

"2015 has started well. While sports results have been unfavourable across the sector, this has been offset for Paddy Power by strong top-line growth, particularly in Australia," Northridge said.

“We have completed a strategic review of the Group's Italian business. We have identified substantial operational improvements and we see the market as attractive over the medium to long-term. 

“Accordingly, we are confident with the expected returns from further investment. Separately, we will realise a number of opportunities to improve efficiency across the group this year.”

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