Flutter names new chair as US listing set to be confirmed

Flutter Entertainment has confirmed the departure of chairman and non-executive director Grant McGann after nine years with the company.

McGann will exit Flutter on 1 September, with US-based executive John Bryant already appointed to the FTSE 100 firm’s board of directors as chair designate and non-executive director.

Reports surfaced earlier this month of a potential change in personnel at the top of Flutter, with Bryant said to have been in advanced talks over the role, reports which have now come to fruition with today’s appointment.

McGann had widely been expected to leave the firm to ensure compliance with London Stock Exchange rules on directorial independence, with Flutter instigating a recruitment search in January 2023.

Bryant is currently a non-executive director at catering company Compass Group, Ball Corporation, Macy’s and Coca-Cola Europacific Partners. However, his tenure at Macy’s will end on 19 May.

A C-level veteran, Bryant spent more than 20 years at international food brand Kellogg Company between 1998 and 2018, culminating in the roles of CEO and chairman.

In addition to his roles as non-executive director and chair designate, Bryant will be appointed to the nomination and remuneration committees of the board, becoming chair of the nomination committee when he assumes the overall chair role in September.

Speaking about his impending departure, Flutter exiting chairman McGann lauded his successor’s experience and potential impact on the business.

“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,” McGann said.

“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 added.

Flutter CEO Peter Jackson was likewise lavish with his praise for the outgoing McGann and recruitment of Bryant as chair designate.

“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,” Jackson said.

“I am very much looking forward to working with John. His experience will be invaluable as Flutter continues to execute its growth strategy,” he added.

Bryant’s appointment comes on the day of Flutter’s annual general meeting, in which it is expected to confirm shareholder approval of a dual listing of the firm’s shares both in the UK and the US.

In February, Flutter confirmed it was exploring an additional US listing to realise “long-term strategic and capital market benefits” arising from the success of its US sports betting market leader FanDuel.

The firm would later reveal it had received positive feedback concerning the listing, with confirmation expected later today.

Speaking about his new role, Bryant commented: “I am very excited to succeed Gary as chair of Flutter. 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.”