Ex-Paddy Power boss leaving after merger
Former Paddy Power chief executive Andy McCue has announced he is to leave the newly-merged gambling giant Paddy Power Betfair, just two months after the €10bn (£8bn) deal between the two was sealed.
He currently serves as chief operating officer of the enlarged group, while former Betfair boss Breon Corcoran is chief executive.
It is possible that Paddy Power Betfair will not seek to replace Mr McCue, instead driving more reporting directly to Mr Corcoran.
Mr McCue (41) will cease to be a director from the end of April, despite the terms of his contract stipulating he must give 12 months' notice.
That notice period is under the terms of Mr McCue's new employment contract with Paddy Power Betfair, which only came into force when the merger was completed in January.
However, despite Mr McCue's departure, it is not believed there was any dissent at board level within the group regarding positions or any other functions.
Mr McCue is also being treated as a 'good leaver', meaning his share options with Paddy Power Betfair will vest as normal despite his departure.
But he will be subject to certain non-compete and non-solicitation covenants for a period of 12 months after he leaves, meaning he will not be able to take up a job with a rival.
Mr McCue said yesterday that he was leaving in the knowledge that the enlarged group "will be greater than the sum of its parts".