Flutter Entertainment Plc begins a new corporate governance era as Chairman Gary McGann steps down from all directorship duties effective 31 August.
As of 1 September, the board of the FTSE100 gambling group will be led by US executive John Bryant serving as Chair of the Flutter Board and Chair of the Nomination Committee.
Closing 2022, Flutter notified investors that McGann has chosen to end his eight-year tenure as chairman of Flutter.
The former Chief Executive of Irish packaging conglomerate Smurfit Kappa, McGann, was appointed Paddy Power Chairman in 2015 ahead of the company’s transformative merger with Betfair Plc.
McGann oversaw a transformative era for the business, which in 2019 saw Paddy Power Betfair merge with The Stars Group Inc – a deal which formed Flutter Entertainment.
Following a three-month search, in April, Flutter announced the appointment of John Bryant as designate chairman.
At the time, it was reported that corporate governance wanted a ‘US figurehead’ to oversee the FTSE firm’s planned multi-billion dual listing on a US stock exchange.
Branded as a stellar appointment, Bryant is the former CEO and Chairman of Kellogg Company (1998-2018) and has served as a corporate advisor to the S&P 500 companies of Coca Cola, Ball Corporation and Compass Group PLC.
H2 trading will see Flutter governance publish finalised plans on a US co-listing to be executed at the end of 2024, in which dealmakers target a + $38bn valuation.
A successful US listing will provide Flutter the platform to succeed the Las Vegas Sands Corporation (LVS) as global gambling’s most valuable enterprise.
John Bryant commented on McGann’s leadership, saying: “I would like to thank Gary for his excellent stewardship of the Flutter Board during his tenure as Chair and previously as Non-Executive Director.
“His expertise, professionalism and commitment are greatly appreciated and on behalf of the Board, I wish Gary well in the future.”