Report: Flutter looks to US push with new chairman appointment
FTSE 100 giant reportedly in “advanced talks” to recruit US-based executive John Bryant ahead of potential duallisting
Flutter Entertainment is in “advanced talks” to recruit US-based executive John Bryant as its new chairman, according to reports by Sky News.
Bryant, who holds dual US and Australian nationality, is currently a senior independent director at catering company Compass Group and sits on the boards of US-based companies Ball Corporation and Macy’s, as well as Coca-Cola Europacific Partners.
He spent more than 20 years at international food brand Kellogg’s, between 1998 and 2018, culminating in the roles of CEO and chairman.
Bryant is reported to replace long-standing Flutter Entertainment chairman Gary McGann who joined the firm’s board in November 2014.
McGann will be forced to step down from his role later this year due to no longer being considered to be independent under the London Stock Exchange’s Corporate Governance Code.
Gary McGann
A search for his replacement has been underway since January, with reports suggesting Flutter has tapped up executive search firm Russell Reynold Associates to recruit McGann’s successor.
Flutter recently appointed Paul Edgecliffe-Johnson as its new CFO following former CFO Jonathan Hill’s transition to become the firm’s chief operating officer at the end of March.
The reports surrounding the potential appointment of Bryant, who spends the majority of his time in the US, come as Flutter is set to pursue a dual listing of its shares on both the London and New York Stock Exchanges in the near future.
In February, Flutter confirmed it was looking to the US listing to realize “long-term strategic and capital market benefits” arising from the success of its US sports betting market leader FanDuel, soliciting for feedback from shareholders about the move.
Speaking at the publication of Flutter’s 2022 financial results, CEO Peter Jackson and then CFO Jonathan Hill highlighted the wider access to capital markets afforded by the dual listing.
FanDuel is Flutter’s largest business by revenue and continues to represent a growing proportion of the parent company’s value as it faces regulatory headwinds in the UK and Europe. This dominance is something that the business is keen to continue going forward.
However, Jackson and Hill confirmed that the Flutter US listing would take precedence over any potential listing of the FanDuel business.
In March, Flutter confirmed the proposed US listing had received “very strong support” from shareholders, with the issue being tabled in a formal resolution to shareholders at the firm’s AGM on April 27.
The resolution will require approval of 75% of the votes cast by Flutter shareholders.
Should the resolution be approved, Flutter will aim to implement the additional US listing during Q4 2023.
A spokesperson for Flutter Entertainment declined to comment on the reports surrounding Bryant after being approached by EGR.