Andy McCue could now be set for lucrative pay-off when leaving Paddy Power Betfair
Andy McCue could be about to cash in on an agreement that would see him paid 2.5 times his salary, as it has been announced that the former Paddy Power CEO will leave the position of COO of the combined Paddy Power Betfair in April.
Having taken over as CEO of Paddy Power on a permanent basis in January 2015, replacing Patrick Kennedy in the process, it was announced in August that McCue would be COO of Paddy Power Betfair when plans for the merger were confirmed, while then Betfair CEO Breon Corcoran was named as the CEO of the combined group.
The merger completed in February and it has already been decided that McCue will vacate his new position and will cease to be a director on 30 April.
McCue said he feels “now is the right time to pursue new opportunities”.
Paddy Power said in a circular that was sent to shareholders in November that McCue would be entitled to a severance payment of 2.5 years remuneration and treated as a “good leaver” if his employment was “ended without cause, or if, after 12 months in his new role, he has reasonable grounds to believe that there has been an unacceptable diminution of his duties and responsibilities since the commencement of his role as group chief operating officer”.
A spokesman for Paddy Power Betfair told Gambling Insider that he was not able to confirm whether or not McCue would still be entitled to receive that severance payment, but details on the matter would be published in due course and that McCue is a “good leaver”.
As of Paddy Power’s 2014 annual report, McCue’s salary was €700,000 with an annual bonus target of 50% of his salary, up to a maximum of 100% of his salary linked to group financial performance.
Should the severance payment be granted and paid on annual salary alone, McCue would receive €1.75m.
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