PADDY Power chief executive Patrick Kennedy is to step down from his position next year.
Mr Kennedy told the stock exchange that he had always believed that after ten years at the helm a change would be beneficial for the business and himself.
He said: "With this in mind, I have today given notice to the board of my intention to step down next April, the tenth anniversary of my appointment."
Mr Kennedy joined the group in 2005 and has been CEO since January 2006.
In its interim management statement ahead of its annual shareholder meeting today, Paddy Power said that growth so far this year has been strong with total net revenue up 5 per cent.
The bookmaker added that results were once again poor across the betting sector in March following "our two worse weekends ever for football profitability".
The company has opened 25 new shops so far this year, 11 in Ireland and 14 in Britain. The group now has a total of 234 units in Ireland and 280 units in Britain.
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