Ahead of today’s Annual General Meeting, Paddy Power announced that retiring Smurfit Kappa CEO Gary McGann will become the operators new Chairman, replacing the outgoing Nigel Northridge who will step down from the company board at the end of June.
Last week Irish business news reports had speculated that McGann would be the strong favourite to replace Northridge who has served as Paddy Power Chairman since 2009.
McGann has held governance positions in leading Irish businesses Aer Lingus (Air Travel) were he served as CEO and as one-time Director of the Anglo Irish Bank (finance).
Paddy Power Chairman Nigel Northridge commented on the appointment of McGann as his replacement:
I would like to announce that I will stand down as Chairman and as a non-executive director of Paddy Power plc at the end of the first half, now that the appointment and transition to a new CEO has been concluded and I have completed two three-year terms as Chairman.
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. 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.