Paddy Power chief steps down after a decade

Paddy Power, the Irish bookie with an eye for controversial marketing stunts, was on the hunt for a new boss today as chief executive Patrick Kennedy announced plans to step down after nearly a decade.

Kennedy, whose 1.2% stake is worth around €30 million (£24.5 million), has overseen a quadrupling of pre-tax profits since taking over in January 2006.

On his watch the bookmaker has not shied away from provoking outrage with stunts such as taking bets on the Oscar Pistorius murder trial.

Paddy, like other bookmakers, had a good Cheltenham festival but has been hit by a host of football favourites winning.

Higher takings from gaming machines made up the shortfall, leaving net revenue up 1% since the start of the year.