FORMER ULSTER Bank chief executive Cormac McCarthy will take over as chief financial officer of listed bookmaker Paddy Power this year.
Mr McCarthy was chief executive of Ulster Bank between 2004 and 2011, and before that First Active, and was also deputy chief executive of its parent, Royal Bank of Scotland’s retail division.
He is currently an independent board member of Paddy Power. When he takes up his new role in October, Mr McCarthy will become an executive director.
He will succeed Jack Massey, who will become director of finance and company secretary. Mr Massey will resign as an executive director on assuming the company secretary role.
He in turn takes over from David Johnston, current company secretary and general counsel, who will become group general counsel, which will involve leading an enlarged legal and compliance division.
Mr Massey became finance director in 2006. Before that he worked with ITG Europe, the European division of the New York-quoted company Investment Technology Group, where he was chief operating officer.
Mr Johnston is a solicitor and has been company secretary of Paddy Power since March 2007. He joined from Telefonica O2 Ireland, where he was company secretary and chief legal counsel at Telefonica O2. Before that he worked for law firm McCann FitzGerald.
