Incoming chairman does better in business than on the track

Mr Stewart Kenny, who will take over as chairman of Power Leisure this year, has been the public face of the company since he became chief executive when it was set up in 1988. While describing himself as a "totally unsuccessful gambling man", he has fared much better in the business of running a bookmakers.

Mr Kenny got into the bookmaking business when he dropped out of UCD. He moved to London where he worked as a manager of a Ladbrokes betting office. Returning to Ireland, he worked for a small bookmakers before setting up his own shop trading under his own name.

He then formed a partnership, Kenny O'Reilly, which was sold to UK bookmakers Corals in 1986 for a reported €3.81 million (£3 million).

Three days after the sale, the partnership set up a new bookmakers.

Power Leisure, trading as Paddy Power Bookmakers, was formed two years later from a merger of Mr Kenny's partnership, the Richard Power Group and Corcoran's, with Mr Kenny as chief executive.

At the time, it had an 8 per cent market share, compared with a 22-24 per cent market share for UK firms Ladbrokes and Corals, which eventually merged. In the past 14 years, Power Leisure has grown its market share to 31 per cent.

Mr Kenny describes his appointment as chairman as "a natural progression".

"I will be playing to my strengths in marketing and strategy. The new chief executive will drive the business forward and I will be in a guiding role, but I will be actively involved," he said.

He will also remain a substantial shareholder in the company, with a stake of around 8 per cent. "I intend staying as a shareholder for many years to come," he said.