Fortuna Entertainment Group names new CEO
Dieter John to step up to top job and replace Victor Corcoran as local reports suggest planned sale of the CEE-facing business have failed to materialise
Fortuna Entertainment Group (FEG) has named chief finance and operations officer Dieter John as the operator’s new CEO.
John replaced Victor Corcoran as the boss of the Central and Eastern Europe-facing firm yesterday, 7 January.
John only joined the Czechia-based business in March 2024, having previously spent over three years with real estate and mortgage brokerage firm PlanetHome Group as CEO.
The new FEG boss has held multiple C-suite roles in his career before moving into the igaming sector, including as CEO of Bombardier Transportation and CFO for Eurocopter Group.
John has replaced ex-Paddy Power online CEO Corcoran in the role, with the Irishman having joined the operator in September 2022.
Corcoran took over from interim CEO David Vaněk who stepped in to fill the space vacated by former boss Per Widerström in March 2022.
The move comes after CEE press reported the planned sale of FEG will not come to fruition after parent company Penta Investments felt bids for the group were undervalued.
Penta had retained JP Morgan to explore selling the operator for up to €2bn, with the decision confirmed in Q1 by the investment group.
However, those plans have failed to materialise, with Penta now retaining control of operator, as per Hospodárske noviny.
EGR understands Corcoran will continue to support John, FEG and Penta as a senior advisor.
Additionally, Penta’s Marek Smrha, who served as the shareholder representative for FEG, has left the company.
An investment director with Penta since 2011, Smrha took on the FEG brief in January 2015. He left the parent company in December.
An FEG statement read: “Having already made a significant impact as our chief financial and operations officer, Dieter has a deep understanding of our business and has been key in executing our strategy.
“With his strong track record in growing and transforming complex international organisations, Dieter is well-equipped to lead us into the next phase of growth and success.
“We’d also like to take a moment to thank Victor Corcoran for his dedication and invaluable contributions as CEO over the past two-and-a-half years. His leadership has been instrumental in driving our progress.”
Arnold Ash is EGR’s Executive Recruitment Partner. They support ambitious organisations to identify and attract industry leading executive talent. Find out more here.