Paddy Power CEO Gets 90% Pay Rise

IRELAND -- As reported by the (Irish) Examiner: "The outgoing chief executive of Paddy Power plc, John O'Reilly, received a pay rise of almost 90% last year, bringing his 2004 pay package to €883,000, up from €466,000

"The company's annual report for 2004 shows that, for the first time, Paddy Power paid out over €1 billion in winning bets from €1.165bn wagered with the company.

"Yesterday, Paddy Power chairman Fintan Drury announced that the board has begun the process of recruiting a new chief executive to replace 54-year-old Mr O'Reilly. A fellow of the Institute of Chartered Accountants in Ireland, Mr O'Reilly is stepping down for "entirely personal reasons."

"Mr Drury said Mr O'Reilly was on a one-year rolling contract and will remain as chief executive until at least the end of 2005..."