Paddy Power PLC are one of the relatively newer betting and gaming companies having only been founded in 1988, but already they are one of the leading companies in the United Kingdom and Europe. Despite the economic downturn that is affecting the world right now Paddy Power must be doing something right as their Chief Executive Patrick Kennedy has been paid €1.45million for 2012 according to their annual reports that were released yesterday.
Patrick Kennedy only joined Paddy Power in 2006, but in the seven years since then they have gone from strength to strength. Only last month we brought you the news that Paddy Power now hold an 11% share of the gaming industry in the United Kingdom, a figure that is on a par with the likes of Ladbrokes and only just behind William Hill, both of whom have been in business since 1886 and 1934 respectively!
As for his pay for 2012 it was made up by a basic salary of €746,000 and benefits of €239,000. On top of that he also received bonuses to the tune of €462,000! Not bad work if you can get it is it, but when the company you work for announces pre-tax profits of €139.2million for the same period what's €1.45 million between friends!
Not content with a pay packet of that size Kennedy also sold 71,567 of his shares at the beginning of April, shares that were worth €68.20 each at the time and made him another €5million. Who said that there was no money in the world and the worlds economy is struggling. It appears as though everything in the Paddy Power garden is rosy right now, especially in the garden of Patrick Kennedy at least.