Flutter names Rob Coldrake as CFO as primary listing moves to New York
Coldrake replaces Paul Edgecliffe-Johnson with immediate effect.
Ireland.- Flutter has announced that Rob Coldrake will take over the role of chief financial officer, succeeding Paul Edgecliffe-Johnson with immediate effect. Edgecliffe-Johnson said he would be unable to commit sufficient time to work from the United States as Flutter shifted its primary listing from London to New York on Friday.
Edgecliffe-Johnson joined Flutter from Intercontinental Hotels in 2022 and played a role in leading Flutter towards its US listing in New York at the end of January. Meanwhile, Coldrake has been the chief financial officer of Flutter International since 2020. Before joining the gambling operator, he spent 14 years with TUI Travel.
Flutter is the world’s biggest online gambling group with brands including Paddy Power, PokerStars, FanDuel, Sportsbet, Betfair and Sisal. The board concluded that it was in the company’s best interests for Edgecliffe-Johnson to step down.
It said in a statement: “In anticipation of the company’s US primary listing on 31 May 2024 and the consequent need for extensive executive management time to be spent in the United States, the board has recently engaged in a discussion with Paul Edgecliffe-Johnson concerning his ability to meet that requirement in light of his family commitments in the UK.”
It added: “Following this discussion, the board has concluded that it is in the company’s best interests for Paul Edgecliffe-Johnson to step down from his role as group CFO and executive director.”
Flutter decided to move its primary listing from London to New York in order to gain more exposure among US investors as FanDuel reaches profitability and becomes its largest business.
CEO Peter Jackson said on Friday: “Today marks an important milestone in the evolution of Flutter with the commencement of our primary listing on the New York Stock Exchange. This closely follows the recent move of our operational headquarters to New York, with both reflecting the increasing importance of the US sports betting and igaming market to our business.”
Flutter’s Q1 revenue was up 16 per cent year-on-year at $3.4bn. EBITDA was $514m, up 46 per cent. FanDuel in the US contributed a positive $26m compared to negative $53m in Q1 2023.
Flutter Foundation launches in Spain
Meanwhile, Flutter’s non-profit, The Flutter Foundation, has launched in Ceuta, the Spanish enclave in North Africa. The Foundation intends to address inequality and social challenges with initiatives in education, entrepreneurship, technological development, sports promotion and employability as part of Flutter’s sustainability strategy, the Positive Impact Plan.
The Foundation has formalised two agreements to benefit Ceuta. It will provide €80,000 for scholarships for STEM studies, supporting disadvantaged families and promoting gender equality in scientific careers and will also develop initiatives on inclusion and quality of life with the Ceuta government.
Juan Jesús Vivas Lara, president of the Autonomous City of Ceuta; Cristina Pérez Valero, the government of Spain’s Delegate in Ceuta and Kissy Chandiramani, minister of Finance, economic transition and digital transformation, attended the launch event.
Vivas Lara commented: “Ceuta is proud to be the headquarters of this important initiative and to have a company like Flutter as an ally. The Flutter Foundation will be an engine of positive change for many people. We are committed to supporting its mission and collaborating closely in its work for the social, economic, educational and technological development of the city.”
Elisa Miguel Fonseca, Flutter Foundation President, stated: “We are very serious about launching the world’s first Flutter foundation. Our mission is clear: to work in close collaboration with the communities most in need to promote positive and lasting change in Ceuta society and in a second phase, in all of Spanish society.”
