Cormac McCarthy new Paddys CFO
Jack Massey promoted to finance director and company secretary " McCarthy becomes exec director and former company secretary takes on legal and compliance role.
Jack Massey has been promoted to director of finance and company secretary of Paddy Power, in a move which will see the former Investment Technology Group employee resign from his roles as chief financial officer and executive director of the Irish operator.
Massey will be replaced as CFO by current non-executive director Cormac McCarthy, who will also become an executive director. The reshuffle will also result in current company secretary and general counsel David Johnson taking on an expanded legal and compliance role as group general counsel as the operator looks to expand into new markets. Paddys extended an existing supplier deal with GameAccount Network to cover Italy earlier this month as it looks to build its presence in the market, while Australian-facing brand Sportsbet, acquired in February 2011, saw net gaming revenues grow 37% year-on-year in the company’s latest quarterly interim management statement.
The company is also looking to enter Nevada, confirming its licence application in March this year.
Commenting on the management changes, Paddy Power CEO Patrick Kennedy said: “We have a strong track record of investing for growth and today’s appointments represent another step in this direction. They broaden and deepen our capability and capacity in the key areas of finance, legal and compliance and follow our philosophy of hiring, rotating and retaining great talent.
“I very much look forward to Cormac joining the management team, strengthening our capacity to scale the business. Jack has been a central contributor to the success of Paddy Power and will continue to play a key leadership role in the Group. David’s expanded role as Group Counsel is driven by our entry into new geographies,” Kennedy explained.
Before joining the Paddy Power board, McCarthy served as chief executive of Ulster Bank from 2004 to 2011, and sat on the Royal Bank of Scotland (RBS) group management committee in the role of deputy chief executive of RBS’ UK retail divison.
Discussing his promotion Massey said: “I have thoroughly enjoyed over six years as Finance Director of Paddy Power and I am delighted to be moving to a role that will see me specialise more in finance and investor relations, take on new responsibilities as company secretary and have increased capacity for strategic initiatives.”