Newly merged Paddy Power Betfair has confirmed that Chief Operational Officer (COO) Andy McCue has decided to step down from his leadership role at the FTSE 100 listed operator.
The announcement of McCue’s departure will surprise many industry commentators, who had predicted that McCue would likely succeed Breon Corcoran as CEO of Paddy Power Betfair in the near future.
McCue who had been with Paddy Power since 2006, had been appointed CEO of Paddy Power Plc in January 2015, taking over company leadership from long-term Chief Executive Patrick Kennedy.
Shortly after his appointment the Irish operator shocked the betting industry by announcing its +£6 billion merger with rival Betfair.
In its new entity Paddy Power Betfair, McCue would serve as COO to group CEO Breon Corcoran under the Chairmanship of Gary McGann (former CEO of Smurfit Kappa Group)
“Andy has played a pivotal and hugely constructive role in the successful merger, for which I am very grateful. As chief executive of Paddy Power, he led the business strongly, embedding a new growth strategy which delivered record revenues and profits,” commented Breon Corcoran, CEO Paddy Power Betfair,
Paddy Power Betfair detailed that McCue would officially leave his position on 30 April, as yet the company has not announced a replacement for McCue.