Paddy Power, Ireland's largest bookmaker, announced yesterday that its finance director Ross Ivers had resigned and would leave the company at the end of next month.
Mr Ivers is understood to have quit because he saw no room for personal improvement after Patrick Kennedy, the former finance chief of the Irish food group Greencore, was appointed as a successor to the chief executive John O'Reilly in April, with effect from 1 January.
Analysts were surprised that Mr Ivers, who has been with Paddy Power since 2001, did not get the job. Messrs Ivers and Kennedy are in their early 40s and have a similar background. Paddy Power said it was coincidental that Mr Ivers' departure came only weeks after the group issued a profits warning.
A spokesman said he had tendered his resignation after a conversation with Mr Kennedy. "Ross advised him that he did not see his long-term future as being at Paddy Power," he said. He added that Mr Ivers had not yet decided what to do next but was looking at a number of options.
The chairman, Fintan Drury, said: "Ross has played a significant role in the successful development of Paddy Power."
Its shares, which had quadrupled since the company's flotation in late 2000, fell sharply last month when the company said rising competition in the betting market would hit profits.Reuse content