Nothing 'ludicrous' about Paddy Power's Cawley catch
RYANAIR'S outgoing deputy chief executive Michael Cawley has a new mantle – he has just joined the board of Paddy Power as a non-executive director. The move makes sense.
The Punt didn't realise until now just how similar the two companies are. Both are relatively young, and started out as Davids in industries full of Goliaths. Both are textbook examples of shrewd management and innovative thinking and, as a result, both now dominate their respective sectors.
Mr Cawley joins an interesting and diverse board. Its chairman is Nigel Northridge, former Gallagher Group boss, where he oversaw its £9.4bn (€10.9bn) sale. Also at the table is former O2 chief Danuta Gray.
Still, we bet Mr Cawley has not enjoyed the scrutiny of his directorships of late. Earlier this month Ryanair was accused of "cronyism" by a shareholder watchdog after it gave him a non-executive role. The airline said the accusation was "ludicrous".