Paddy power announces appointment of new chief executive

Paddy power announces appointment of new chief executive

Paddy Power plc today (Tuesday, 19th April), announces the appointment of Patrick Kennedy to succeed John O'Reilly as Chief Executive when O'Reilly retires from his position in December 2005. Patrick Kennedy (35) is currently Chief Financial Officer and an executive Director of Greencore Group plc, the international convenience food and ingredients company. He is also a non-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: "The Board is very pleased to announce the appointment of Patrick as our next Chief Executive. In his seven years at Greencore, he has played an influential role as Group Development Director and then as Chief Financial Officer.

"Patrick is young and this move is a significant challenge for him given that it will be his first as a CEO. However, he is precisely the person to lead this company. He brings highly relevant skills, experience and insights as well as
great drive and dynamism. He is a strategist, his financial capabilities are clear, his people skills are widely appreciated and he has a great feel for the brand. His love of sport and his appreciation of the Paddy Power culture are
also strong attributes. Added to all of this is the fact that he has been an avid punter since his College days!

"Patrick's selection to succeed John is the result of a thorough recruitment process undertaken by a sub-committee of the Board set up specially to select
the Chief Executive. This sub-committee comprised Nigel Northridge, David Power, Stewart Kenny and myself. With the assistance of international recruitment
specialists, we interviewed several candidates with strong credentials from both Ireland 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 John O'Reilly, who has been one of the central characters in Paddy Power's success to date. John has been with Paddy Power for 17 years and in that time contributed in so many ways to the development of the business. His achievements include the expansion of the business into the on-line sector and, on succeeding
founder, 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 a pleasure to reverse roles! Paddy Power is a fantastic brand, has a talented management team and strong growth prospects. John, and Stewart before him, have established a tremendous base from which to attack that potential and I look forward to the challenge. I've spent over seven very enjoyable years with Greencore, working with a great group of people, and have gained invaluable experience, for which I'm very grateful."

Patrick Kennedy, BComm, ACA, joined Greencore in January 1998 and was appointed to the Board in February 2001. Prior to joining Greencore, he worked with management consultants, McKinsey & Company and KPMG Corporate Finance.