Flutter plans for exit of Gary McGann as executive chairman
It’s been reported that Flutter is interviewing candidates for the role.
Ireland.- Flutter Entertainment Plc has begun planning for the exit of Gary McGann as executive chairman. According to Sky News, the FTSE100 gambling group has begun interviewing candidates in order to “identify a successor” for the chairman, who has served since 2015.
McGann was initially appointed as Paddy Power chairman before the company’s merger with Betfair. In 2019, he oversaw Paddy Power Betfair’s merger with The Stars Group Inc (TSG), which created Flutter Entertainment, which now operates Sky Bet, Betfair, PokerStars and Paddy Power.
McGann was formerly group CEO of the Irish packaging conglomerate Smurfit Kappa. It’s expected that his departure will be announced later in the year. Flutter has reportedly hired Russell Reynolds Associates to assist its executive search.
The results of the search will be eagerly awaited by City analysts since Flutter is one of the FTSE index’s most valuable firms. Valued at £20bn, it sits in the top 30 of the index. The operator intends to become the first to reach profitability in the US with its FanDuel business, which it’s considering spinning off.
In November, Flutter Entertainment announced that it had laid off fewer than 200 staff in the restructuring of its UK and Ireland unit. The operator had announced in the summer that it would review its structure to seek cost benefits following the merger of Paddy Power Betfair and The Stars Group Inc in 2020.
Flutter said originally that 400 jobs had been under review. According to Group CFO Jonathan Hill, fewer than 200 have been cut but he didn’t specify exactly how many.
