Media speculation that business veteran John Bryant will assume Chairman duties at Flutter Entertainment has been confirmed by the FTSE 100 gambling group.
Bryant will assume the role of Chair Designate after its AGM later today (27 April) before taking on full Chair responsibilities on 1 September 2023, as the company eyes up US listing opportunities.
A former Executive Chairman, CEO, CFO and COO of the Kellogg Company and non-executive director of Ball Corporation, Compass Group PLC and Coca-Cola European Partners plc, Bryant will replace current Chair Gary McGann.
“I am very excited to succeed Gary as Chair of Flutter,” Bryant remarked. “I look forward to working with Peter and the management team to grow the business and to take advantage of the many exciting opportunities that lie ahead.”
Bryant’s appointment was first reported in UK earlier this month amid rumours of the FTSE 100 gambling group’s desire to trade on a US stock exchange, with Sky News stating that he would be appointed following its AGM.
In addition to becoming Chair Designate of one of the world’s largest gambling multinationals, Bryant has also been named a Non-Executive Director and CHair of the firm’s Nomination Committee.
Outgoing Chair McGann said: “We are delighted to announce John’s appointment as Chair. John has had a stellar career in Kellogg Company, one of the most internationally renowned companies in the world.
“He brings with him an enormous wealth of leadership experience in strategic, financial, and operational matters. It has been a privilege to serve as Chair of this very special Company and I wish John every success as he joins the Board at this pivotal point in Flutter’s evolution. I will use my remaining period as Chair to ensure a seamless transition to John.”
He takes on a leading role on Flutter’s board as the company seeks an enhanced international profile across various markets, as North America becomes its biggest revenue-driving region.
Last year saw Flutter maintain a prominent position in the US via its FanDuel holding and recently entered the European and North African lottery market by acquiring Italian firm Sisal.
Moving forward, the company targets US public trading as a means to secure entry to “deeper capital markets and enable it to retain American talent more easily”, as FanDuel becomes its largest revenue-generating business.
If shareholder support for a US listing is achieved at the firm’s AGM, Bryant and Flutter CEO Peter Jackson could achieve a valuation of over $45bn for Flutter through combined trading on the LSE and a US exchange.
On Bryant’s appointment, Jackson remarked: “I would like to thank Gary for the contribution he has made to Flutter over his nine years as Non-Executive Director, eight of which were as Chair. He has helped steer the business through an exceptional period of growth.
“I am very much looking forward to working with John. His experience will be invaluable as Flutter continues to execute its growth strategy.”
