ator Paddy Power has appointed Andy McCue as chief executive designate following Patrick Kennedy's decision to depart at the end of the year.

McCue, who is currently managing director of retail in the UK & Ireland, will formally take over as chief executive on 1 January 2015.

Kennedy announced his departure at the company's AGM last May and said that McCue will bring "energy, strong leadership and a detailed knowledge of the business to the role".

Having joined Paddy Power in 2006 as head of strategy, McCue was appointed to the management committee in 2009.

The Cambridge graduate, who also holds a Masters in Finance from London Business School, will work closely with the out-going Kennedy over the coming months.

Nigel Northridge, chairman of Paddy Power, said: “We are delighted to appoint Andy as the successor to Patrick. He has an outstanding track record and has consistently demonstrated strong leadership across the business as a key member of the management committee and in his role driving the regulatory agenda. Andy is the ideal leader to drive Paddy Power’s next phase of growth.”

“The nominations committee undertook a comprehensive international search for the next leader of the business and we were very pleased, if unsurprised, with the calibre of the candidates from inside and outside the business.”

McCue said: “I am very excited to be taking on the leadership of Paddy Power. Patrick has transformed the business over the last 10 years, strongly positioning us in attractive markets which are delivering good payback.

"We have a tremendous team and I very much look forward to working with them to build on that success by continuing to engage customers with the best value, product and brand.”

The bookmaker, which is known for its social media prowess, will now go into the new year with a new CEO for the first time in nearly 10 years.