Paddy Power CFO Alex Gersh to Depart

Business News

Alex Gersh, the chief financial officer of Paddy Power Betfair, has signalled his intention to leave the company.

Gersh has told the board of the FTSE 100 betting giant that he plans to step down for personal reasons, and the company has already begun a process to find a successor.

It is believed that Gersh has agreed to stay in the £1m-a-year role until a successor is found.

Gersh’s exit continues a comprehensive management clearout. Andy McCue, the chief executive of Paddy Power, left shortly after the merger.

More recently, the highly rated Cormac Barry, who headed the group’s hugely successful Sportsbet operations in Australia, left the group to join CarTrawler, the online car-hire booking engine. Johnny Devitt, the group chief marketing officer, also announced he was leaving.

Peter Jackson, Paddy Power Betfair’s new chief executive, will unveil the group’s 2017 results this week. Stockbroker Goodbody has forecast revenues of £1.7bn and pre-tax profits of £378.6m.