PIRC attacks Paddy Power Betfair exit deals anew

The past comes knocking at Paddy Power Betfair’s door ahead of the Irish bookmaker’s annual meeting on Wednesday.

The Sunday Times reported that the PIRC, an influential advisory group, has called on the company shareholders to abstain from voting on the company’s remuneration report, because of “concerns over termination arrangements.”

In giving its advice, PIRC has reminded shareholders of what it described as a ridiculous exit package for departing Paddy Power executives, including former Paddy Power CEO Andy McCue.

McCue, who was appointed who successfully guided Paddy Power through its +£6 billion merger with Betfair, is reported to have a total pay package of €700,000 (US$ 765,695) in salary with €536,000 (US$586,303) in bonuses and a €170,000 (US$185,954) pension. McCue has additional benefits of €2.3 million (US$ 2.52 million) in PPB shares.