Flutter Entertainment Plc has begun planning for the succession of Gary McGann as Executive Chairman of the FTSE100 gambling group.
This morning, Sky News reported that Flutter governance had begun ‘interviewing candidates’ to “identify a successor to Gary McGann”, who has served as chairman of the company since 2015.
City Sources indicate that McGann’s departure will be announced later in 2023, with Flutter hiring Russell Reynolds Associates to help its executive search for a new chairman.
The former Group CEO of Irish packaging conglomerate Smurfit Kappa, McGann, was appointed Paddy Power Chairman in 2015 ahead of the company’s transformative merger with Betfair Plc.
In 2019, McGann’s chairmanship saw Paddy Power Betfair merge with The Stars Group Inc (TSG), which founded Flutter Entertainment as the world’s most valuable online gambling Plc – operating the brands of Sky Bet, Betfair, PokerStars and Paddy Power.
2022, Flutter announced that it had completed all leadership changes related to its merger with TSG and its subsequent buyout of FanDuel in the US.
The FTSE firm will welcome Paul Edgecliffe-Johnson as its new Group CFO in Q1 of 2022, replacing incumbent Jonathan Hill, who chose to take on the role of new Global COO.
City analysts will monitor developments closely as to who will replace McGann as Chairman of Flutter, the gambling group valued at £20bn and ranked amongst the top 30 FTSE listed firms.
In 2023 Flutter has outlined its intent to become the first operator to reach profitability in the US market as leadership continues to review strategic options for its FanDuel business, including a potential spin-off and separate IPO for US investors.