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Cormac McCarthy is Paddy Power CFO
Wednesday, 23rd May 2012 02.11pm

Former Ulster Bank chief executive, Cormac McCarthy, has been appointed as the new chief financial officer at bookies, Paddy Power.

He will also become an executive director of the company.

Mr McCarthy replaces Jack Massey, who has been named as the company's director of finance and company secretary.

He will resign as an executive director when he takes on his new role in October.

Paddy Power also said that David Johnston, currently the company's secretary and general counsel, will now focus solely on leading an enlarged legal and compliance function as group general counsel.

The bookmakers said it was making the changes to enhance its financial, legal and complaint functions as the company continues to expand. All of the new appointments will take effect from October of this year.

Cormac McCarthy was chief executive of Ulster Bank from 2004 to 2011. He was also a member of the Royal Bank of Scotland group management committee. He jointed Paddy Power as a non-executive director in 2011.

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