Flutter’s chief financial officer has resigned as the gaming group moves its primary listing to the United States.
UK-based Paul Edgecliffe-Johnson has concerns about the amount of time he would have to spend away from his family after Flutter crossed the Atlantic.
The betting group, which owns Paddy Power and Betfair, said it was best for Edgecliffe-Johnson to step down from his role as group chief financial officer and chief executive.
He played a key role in guiding Flutter toward its primary listing in the US.
A Flutter spokesperson said: “Following the need to spend significant executive management time in the United States, the board of directors has recently engaged in a discussion with Paul Edgecliffe-Johnson regarding his ability to meet that requirement in light of his family commitments in the UK.’
Making a move: Paul Edgecliffe-Johnson played a key role in steering Flutter toward its primary US listing.
He has been replaced by Rob Coldrake, who was head of finance for the international arm. He previously spent 14 years at TUI Travel in various financial roles, and began his career at PricewaterhouseCoopers.
The announcement came as Flutter switched its primary listing from the FTSE 100 to the Nasdaq.
The Dublin firm made its debut on Wall Street in January, seeking bigger cash reserves for investors when its boss Peter Jackson said New York was its “natural home.”
The company has enjoyed tremendous growth in the US with its FanDuel business as states continue to legalize sports betting. FanDuel has a market share of more than 50 percent in the United States and the group now earns about 40 percent of its revenue in the country.
And last month, shareholders backed Flutter’s primary listing change at the group’s annual meeting.
The gaming giant will maintain a secondary listing in London, but rules dictate it will no longer be on the FTSE 100.
The decision to abandon ship has caused further misery in the London market, which has seen a steady stream of companies leaving the business.
Construction giant CRH and plumbing equipment supplier Ferguson switched their listings from London to the United States last year.
Flutter’s London-listed shares yesterday lost 0.7 per cent, or 100 pence, to 14,870 pence following the announcement that the move had been made.
