Wednesday 23 March 2016 7:31 am

Paddy Power Betfair chief operating officer to step down at end of April

The chief operating officer of Paddy Power Betfair, Andy McCue, will step down from his position on 30 April, the company announced today. 

McCue was the chief executive of Paddy Power from January 2015 until the completion of its merger with Betfair in February this year. He joined the business in 2006. 

"Andy has played a pivotal and hugely constructive role in the successful merger, for which I am very grateful. As chief executive of Paddy Power, he led the business strongly, embedding a new growth strategy which delivered record revenues and profits," Breon Corcoran, chief executive of Paddy Power Betfair, said.

This is the first major leadership change at the company since the completion of the merger between the two betting heavyweights last month. 

Both companies reported strong results for the 2015 financial year, despite the government introducing a duty on online betting profits – the point of consumption tax – and a higher rate of duty on fixed-odds betting terminals found in betting shops, which have hit the gambling industry's profits.

Earlier this month Paddy Power Betfair announced it would bring in global payments company Worldpay to provide payment processing services and gambling expertise for its online customer base.