Flutter Names International Head Dan Taylor as CEO, Succeeding Peter Jackson
Leadership Transition and Financial Performance at Flutter
Dan Taylor to Succeed Peter Jackson as CEO
DUBLIN, Aug 5 (Reuters) - Betting giant Flutter said on Wednesday that company veteran and head of its international division Dan Taylor will succeed Peter Jackson, who will step down as group chief executive officer after nine years in charge on October 1.
Dan Taylor's Expanded Role and Experience
Recent Responsibilities
Taylor most recently assumed the expanded role of Flutter president in May, with responsibility for overseeing the group's underperforming U.S. operations following the departure of Amy Howe as head of its market-leading FanDuel brand.
Career Background
The Briton has been with Flutter for more than a decade and was in charge of its main UK Paddy Power Betfair brands from 2018 to 2020 before becoming head of all non-U.S. operations where he oversaw a number of big acquisitions in Italy and Brazil.
Financial Results and Strategic Shifts
Second-Quarter Earnings
Flutter made the announcement as it reported a lower than expected 45% fall in second-quarter core earnings (EBITDA) to $508 million, compared to the $478 million average estimate of 19 analysts with LSEG SmartEstimate.
Increased Investment in U.S. Market
It cited momentum in its main U.S. market as the motivation for a "proactive" increase in investment in the second half of the year that will result in a $270 million hit to profit this year.
Adjusted EBITDA Forecast
That meant Flutter marked down its full-year adjusted EBITDA forecast for the fourth successive quarter to $2.65 billion from $2.87 billion in May.
CEO Statement on Investment Strategy
"Investing behind customer momentum is an approach that has consistently served us well. Our momentum, and the current market dynamics, mean now is the right time to move from a focus on margin growth, to prioritizing AMP (player) growth and customer value," Jackson said in a statement.
(Reporting by Padraic Halpin, Editing by Louise Heavens)
