Millions In Bonus For Paddy Power CFO

Based on achieving set targets, recently appointed chief financial officer of Paddy Power, Cormac McCarthy, was last week awarded 35 000 conditional shares under the company's "2004 long-term incentive plan" which according to this week's closing price worth around Euro 2.02 million. McCarthy is to be committed to Paddy Power until 2015, the earliest the shares may vest, with certain criteria and targets to be achieved are to make him eligible for a payout. According to an unnamed company spokesperson: "The awards vest if earnings per share grows by an amount at least equal to the compound growth of the consumer price index plus 12 per cent per annum, over a period of three years." Prior to Paddy Power McCarthy was a chief of Ireland's third biggest banking firm, The Ulster Bank.