Paddy Power was founded in 1988, by the merger of the forty shops of three Irish bookmakers: Stewart Kenny, David Power, and John Corcoran. Stewart Kenny and Vincent O'Reilly had sold Kenny O'Reilly bookmakers to Coral in 1986, and then opened ten shops of their own by 1988; Kenny was group CEO from 1988 to 2002, and chairman from 2002 to 2003. John Corcoran's shops had traded as Patrick Corcoran. David Power was a son of Richard Power and one of several inheritors trading under the Richard Power name. The Power name was considered the strongest brand among the merged shops, while the "Paddy" name and green colouring emphasised the chain's Irishness at a time when the fragmented Irish industry was facing competition from British betting chains entering the market in response to changes in the Irish tax code. David Power's son, whose name happens to be Paddy Power (b. 1974/5), is a marketing spokesman for the company.