OFF BALANCE was intrigued to see another big merger in the gambling sector announced today, with Betfair and Paddy Power entering into that ‘mutual appreciation society’ phase in front of investors and the markets.
Of course, towns aren’t big enough to accommodate both boards. And some people have to move on.
Paddy Power CFO Cormac McCarthy is conspicuously absent from the businesses’ statement to the market about its future plans and board structure. Alex Gersh, Betfair CFO, is announced as the CFO if the two companies merge.
While Cormac won’t have the top role, he can console himself in being part of what OB believes are the best set of executive portraits. As you can see (below), the caricatures look awesome, certainly better than the efforts you see in tourist destinations. And he’s even holding an abacus!
Though not averse to a bit of wild cheek itself (see Betfair’s Twitter accounts), it will be interesting to see how the new group will manage both brands, and how it deals with culture at staff level.
One thing’s for sure, if Off Balance was Alex Gersh, we’d be lining up a new portrait as soon as taking on the new finance role.