Richard Flint will not be seeking re-election to the Flutter board at the 2024 Annual General Meeting (AGM).
The announcement was made in a statement released to the London Stock Exchange this morning.
Flint is expected to depart from the board after the meeting, which is scheduled for May 1, 2024.
Flint joined the board in March 2020, following the merger of Flutter Entertainment and The Stars Group Inc (TSG).
He was the Executive Chairman of Sky Betting & Gaming until October 2019, prior to which he served as CEO for 10 years until the company was acquired by TSG in 2018.
Group Chairman John Bryant expressed gratitude for Flint’s contributions to Flutter, stating that he has brought “significant value and strategic insight” to the company since its inception in 2001 as Sky Bet.
Flint’s decision to step down comes as Flutter is attempting to stay ahead of the UK’s 2023 April White Paper.
Peter Jackson, the head honcho at Flutter, expressed his confidence in the company’s accomplishments, stating, “From a British point of view, we’ve clearly demonstrated we’re leading the pack.
“We’re at the forefront of progress, others are catching up, which means we’re ahead of the game. The team in the UK has done a fantastic job.”
Jackson made these comments during Flutter’s third-quarter earnings call in November.
Flutter’s third-quarter financial report showed revenue growth of 11.2% in the UK and Ireland, reaching £566 million (€657.8 million/$721.4 million). Online revenue in the region increased by 11.5% to £494 million, while retail revenue grew by 9.1% to £72 million.
The Dublin-based Flutter also stated that continued growth in the US was a major driver. Group revenue increased by 7.6% year-on-year to £2.04 billion.
Despite the changes, Flutter has achieved success in the US.
Flint’s departure in early 2024 was in line with a trend of board changes at Flutter in 2023.
Jonathan Hill, the group’s chief operating officer, stepped down from the company’s board in April. John Bryant then replaced Gary McGann as chairman in September, following McGann’s departure.
Mary Turner also left the company in the same month, resigning as a non-executive director. Turner’s role as chair of the workforce engagement committee also ended.
Despite the company’s turmoil, Flutter’s FanDuel ensured the company achieved impressive growth in the third quarter of 2023.
FanDuel was acquired in May 2018 when it was a daily fantasy sports operator and has since grown into a leading sports betting and online casino provider in the US.
Flutters primary revenue generator is now FanDuel. In the United States, during the third quarter, they generated £668 million, representing an 11.7% increase compared to the previous year. This figure surpasses their second largest revenue stream, their UK and Ireland operations, by over £100 million.
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