Paddy Power finance director Ross Ivers has resigned and will step down from the board immediately before leaving the company at the end of January, Ireland's largest bookmaker said today.
The company did not say why Mr Ivers had stepped down.
"Ross has played a significant role in the successful development of Paddy Power since he joined us in 2001," Chairman Fintan Drury said in a statement. "We greatly appreciate his contribution to Paddy Power and wish him well in his future career."
Shares in Paddy Power were down 0.6 per cent at €11.08 by 3pm, underperforming a 0.8 per cent rise for the broader Irish market.
The stock, which has quadrupled since listing in late 2000, fell sharply last month after the company warned 2005 operating profits would be below expectations and said rising competition in the betting market would hit future profitability.
Paddy Power said in April chief executive John O'Reilly would stand down for personal reasons to be replaced by Patrick Kennedy, former chief financial officer at Greencore, on January 1 st.