Flutter Entertainment has reportedly started the process of finding Gary McGann’s successor as the FTSE100 gambling group’s Executive Chair looks to step down later in 2023.
Reports from Sky News suggest that Flutter has begun “interviewing candidates” to “identify a successor” to McGann, who has served as the company’s chair since 2015.
According to city sources, the firm has hired Russell Reynolds Associates to help execute its search for a new chair, with McGann’s departure rumoured to be announced later in 2023.
McGann, who was appointed Paddy Power Chair in 2015 ahead of the company’s transformative merger with Betfair, had previously been a former Group CEO of Irish packaging conglomerate Smurfit Kappa.
The 72-year-old’s tenure saw Paddy Power Betfair merge with The Stars Group, which founded Flutter Entertainment as the world’s most valuable online gambling conglomerate, operating various brands such as Sky Bet and PokerStars.
In 2022, the company announced that it had finalised all leadership changes related to the TSG merger and its subsequent buyout of FanDuel in the US.
Flutter will welcome its Group CFO, Paul Edgecliffe-Johnson, in Q1 of 2023, replacing Jonathan Hill who chose to take on the role of Global Chief Operating Officer.
City analysts will monitor developments closely as to who will replace McGann in the role, with the gambling group valued at £20bn and ranked amongst the top 30 FTSE listed firms.
The gambling group is ranked amongst the top 30 FTSE listed companies and has a current value of £20m, with city analysts keen to keep a close eye on developments as to who will step in as Chair.
In the new year, 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 FanDuel, including a possible spin-off and separate IPO for US investors.