Paddy Power paid former chief executive over €3.7m

Paddy Power paid former chief executive Andy McCue more than €3.7 million in salary, benefits and shares in 2015, according to the bookmaker's annual report.

Mr McCue took over as chief executive at the beginning of 2015 and became chief operations officer of the enlarged Paddy Power Betfair group when the pair merged in February. The group has since announced that he is leaving the company this month.

Paddy Power’s annual report shows the company paid him €3.721 million in 2015, made up of a €700,000 salary, €536,000 bonus, €173,000 in pension and benefits and €2.312 million in shares.

Incentive programme

He received the shares under the company’s long-term incentive programme.

The report states the shares he received were valued at €111.44 each, the average price in the last three months of 2015.

The report shows he owned 21,938 shares in the group when the merger went through on February 2nd. These were worth €2.64 million at yesterday's closing price of €120.30 on the Irish Stock Exchange.

He was due to receive a further 25,717, subject to performance, some of which was due from 2015 and some from 2012. Both awards were also subject to tests to ensure he met the performance criteria set out in the incentive scheme.

The figures also show he would have been due a further 48,685 had he stayed in employment.

Paddy Power Betfair chief executive Breon Corcoran owned 183,497 shares in the company on February 2nd. These were worth just over €22 million at close of business last night.

Mr Corcoran is a previous Paddy Power executive and was Betfair chief executive ahead of the two companies joining forces.

He had a further 236,744 shares vested but not exercised and another 153,964 subject to his continued employment by the group.

The group has agreed to pay him a salary of £700,000 (€883,000) this year. Alex Gersh, its chief financial officer, will receive £440,000. Both men will be based in London.

The company intends to report in sterling as it generates much of its revenue in this currency.

Had Mr McCue stayed, the company would have paid him a €730,000 salary, 4.3 per cent more than his basic last year.