Stewart Kenny is resigning from the board of Paddu power Betfair after 28 years with the company he helped found in 1988.
Kenny founded the company with the Richard Power Group and the Corcoran family and the company eventually rose to be irelands largest gambling firm.
He was CEO of Paddy Power from 1988 to 2001 and chaired Paddy Power’s board in 2002 and 2003. After 2003, he remained on its board as a non-executive director.
This year saw the merge of Paddy Power with Betfair. Paddy power officials said Kenny’s resignation means the firm is losing one of its key advisers.
“After 40 years in bookmaking and 28 years’ involvement with this business, Stewart has an enviable record in the industry and leaves a great legacy,” said Gary McGann, Chairman of Paddy Power Betfair. “He was instrumental in creating a highly successful international business from a small domestically-focused retail operation at inception.
“Stewart, more than anyone, positively influenced the culture of the business,” he said. “He played a hugely supportive role in the merger of Paddy Power with Betfair. He is retiring after many years of enormous service to the Company and the industry. We wish him every success in the future and thank him for his incredible contribution to this business.”
The announcement comes as the company also announced that revenue at Paddy Power Betfair rose by 18 percent to $1 billion during the first half of the year, with double-digit growth recorded across all of its four divisions.
Online revenue at the betting company was 20 percent higher at £440m, with stakes on the sportsbook rising by a fifth.
The company said integration following the merger is “progressing ahead of plan with the majority of actions already completed”
