Flutter CFO departs as shift to primary listing in US completes

Estimated read time 3 min read

Paul Edgecliffe-Johnson steps down over family commitments as Flutter International CFO Rob Coldrake drafted in as new group finance chief
The post Flutter CFO departs as shift to primary listing in US completes first appeared on EGR Intel.  

Flutter Entertainment CFO Paul Edgecliffe-Johnson will leave the operator giant with immediate effect following its primary listing the US.

Edgecliffe-Johnson, who joined the FanDuel parent company in March 2023, will be replaced by current Flutter International CFO Rob Coldrake.

The finance chief’s departure came as Flutter shifted its primary listing to the New York Stock Exchange, which has come with a “consequent need for extensive executive management time to be spent in the United States”.

Flutter confirmed the board had engaged with Edgecliffe-Johnson to establish whether he would be able to commit to that requirement “in the light of his family commitments in the UK”.

Following those discussions, the board concluded that it would be in the company’s best interest for Edgecliffe-Johnson to step down.

Coldrake will now shift his role from Flutter’s International arm, which houses brands such as Sisal in Italy and Junglee Games in India, to replace the outgoing CFO in a group remit.

Coldrake has served as Flutter International CFO since October 2020 after serving more than 14 years across several finance roles with travel giant TUI.

Commenting on Coldrake’s transition, Flutter CEO Peter Jackson said: “I am delighted that Rob will become our next group CFO. 

“During his four years at Flutter, he has shown himself to be a CFO of exceptional calibre and his skills and experience will help us to take advantage of the significant opportunities before us.

“I would like to thank Paul for his contribution to the group, particularly in relation to achieving our US primary listing, and I wish him and his family well.”

Separately, management confirmed the US was now the official primary listing for Flutter after receiving more than 98% of shareholder votes on 1 May to complete the move.

As a result, Flutter will retain its shares on the London Stock Exchange as a secondary listing.

At the time of writing, the group’s London shares are down 7.5% to 13,895p while yesterday, 30 May, saw the business fall to the bottom of the FTSE 100.

Jackson said: “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.

“We have a fantastic position in the US, with FanDuel the clear number one operator, and we look forward to this next step on our journey.”

Arnold Ash is EGR’s Executive Recruitment Partner. They support ambitious organisations to identify and attract industry leading executive talent. Find out more here.

The post Flutter CFO departs as shift to primary listing in US completes first appeared on EGR Intel.

 

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