Further to today’s H1 2016 results, Paddy Power Betfair (PPB) governance has confirmed that Paddy Power Co-founder and former Chief Executive Stewart Kenny will be stepping down from the FTSE100-listed firm’s board.
Kenny resigns as a PPB non-executive director following 28 years’ service with Paddy Power, serving as the company’s first CEO, in what would become one of Ireland’s biggest business success stories.
Joining forces with the Richard Power Group and the Corcoran family in 1988, Kenny co-founded Paddy Power bookmakers, who would become Irelands largest gambling firm.
During his tenure as CEO of Paddy Power (1988-2001), Kenny would see the company list on the Irish Stock Exchange, as the company set new sights on corporate and new market expansions.
Kenny would Chair Paddy Power from 2002-2003, has remained on its board as a non-executive director since then seeing the company merge with Betfair in 2016.
PPB governance stated that it sad to lose one of the best figureheads in the gambling industry and a key adviser for its firm
Commenting on Kenny’s decision to step down, Gary McGann, Chairman of Paddy Power Betfair says:
“After 40 years in bookmaking and 28 years’ involvement with this business, Stewart has an enviable record in the industry and leaves a great legacy. He was instrumental in creating a highly successful international business from a small domestically-focussed retail operation at inception”.
“Stewart, more than anyone, positively influenced the culture of the business. He played a hugely supportive role in the merger of Paddy Power with Betfair. He is retiring after many years of enormous service to the Company and the industry. We wish him every success in the future and thank him for his incredible contribution to this business.”