Flutter Entertainment, the £26 billion FTSE-100 gambling giant, is in advanced negotiations to name John Bryant as its next chairman.
The FTSE-100 gambling colossus behind Paddy Power is planning to appoint a U.S.-based businessman as its next chairman, a move that will further solidify its intentions to abandon the London stock exchange.
Flutter Entertainment, which also operates SkyBet and Betfair, is in advanced discussions to appoint John Bryant to the position.
Mr. Bryant, the senior independent director at Compass Group, a publicly traded contract caterer, possesses dual Australian and American citizenship.
He lives in the US and serves on the boards of Ball Corporation and Macy’s.
Mr. Bryant’s appointment is advanced but not yet formalized, according to a source.
This weekend, it was unclear whether additional candidates were still in discussions with the group.
Later this month, Flutter will conduct its annual shareholder meeting. Which one investor suggested would be an ideal time for the company to announce its next chairman.
The £26 billion company, which also owns Foxbet and Pokerstars, announced in February that it was considering a US listing for its stock due to the increasing significance of FanDuel to the group.
The company expects the U.S. operation to become its “largest business by revenue and a greater proportion of its overall value,” according to a statement.
Flutter said the move will give it access to “much deeper capital” markets and help it retain American expertise.
This month, shareholders will vote on the proposition, despite “positive early feedback,” according to the company.
Flutter’s CEO, Peter Jackson, led the company’s value increase by optimising its listing structure.
This growth in earnings and the share price has occurred despite the threat of increased regulatory intervention. As the government is anticipated to publish a new statutory levy later this month.
While Flutter has not explicitly stated that it intends to leave the London Stock Exchange. The move to pursue a primary listing in New York is widely anticipated to eventually lead to this outcome.
The company’s intentions have reignited the debate regarding the attractiveness of the London Stock Exchange to multinational corporations amid a dearth of significant City IPOs.
The decision by SoftBank, owner of the giant British chip designer Arm Holdings, to take the company public in New York rather than London, despite intense lobbying by UK government ministers, has drawn this issue into sharp focus.
CRH, a manufacturer of construction materials, has also declared its intention to move its primary listing from London to New York, while also announcing this week that it will leave the Irish Stock Exchange.
Pearson, another London-listed company with significant US operations, has hinted at transatlantic transfers.
Flutter had hired Russell Reynolds Associates to find Gary McGann’s replacement as chairman.
This is the latest boardroom change at a British firm in the top 30.
Paul Edgecliffe-Johnson was recently appointed as Flutter’s new chief financial officer, replacing Jonathan Hill.
Since Mr. McGann joined the Flutter board in November 2014, he will no longer be considered independent under the City corporate governance code by the end of the year.
Several years ago, Andy Higginson, a former Tesco executive, was rumored to be a potential long-term replacement for Mr. McGann. However, he resigned from the Flutter board last year to become chairman of the retail company JD Sports Fashion.
