Paddy Power boss receives €1.4m in pay

City A.M. Reporter
PADDY Power chief executive Patrick Kennedy received a total pay packet worth €1.45m in 2012, lower than the €1.57m he was handed for the previous year.

The company’s annual report, released yesterday, shows Kennedy received a basic salary of €746,000, as well as benefits of €239,000 and a bonus of €462,000.

Kennedy joined Paddy Power in 2006, and has led the gambling firm through a strong period of growth that recently saw its market cap hit €3.4bn. Last month it reported pre-tax profits for 2012 had risen by 15 per cent to a record €139.2m.

At the beginning of April Kennedy made almost €5m by selling 71,567 shares in the firm at €68.20 each. He still holds more than 400,000 shares.