Sports betting and gaming group Flutter Entertainment announced Friday that Group CFO Jonathan Hill will establish a new Group COO function next year with the aim “to maximize the benefits of Flutter’s global scale and support the strategic direction of the business.”
Paul Edgecliffe-Johnson, currently Chief Financial Officer and Group Head of Strategy at InterContinental Hotels Group, will join as CFO and Executive Director of the group in the first half of 2023.
Hill will continue in his role until Edgecliffe-Johnson starts, working together to ensure “a smooth transition” of responsibilities. Hill will then leave the Board and take up the newly created Executive Committee role of Group Chief Operating Officer.
“Given Jonathan’s expertise, knowledge of the business and role in shaping Flutter’s strategy, he is uniquely placed to set up the new Group COO function for success,” the company wrote in a press release.
Edgecliffe-Johnson brings 25 years of experience in finance and international businesses, and has been CFO, Group Head of Strategy and member of the Board and Executive Committee at IHG since 2014. Prior to joining IHG in 2004, he was an Associate Director, Corporate Finance at HSBC.
Commenting on the appointment, CEO Peter Jackson said: “I am delighted that Paul will join us next year as Group CFO. I am confident that his highly relevant skills and experience will help us to take advantage of the significant opportunities before us and will be invaluable as we continue to execute our strategy.”
“I also wish to acknowledge Jonathan for all he has done for Flutter to date and I am very pleased that the Group will continue to benefit from his experience in establishing the new COO function,” he added.
Gary McGann, Chair, commented: “The Board welcomes the appointment of a quality executive such as Paul and looks forward to working with him and the team into the future, and I look forward to continuing to work with Jonathan in his new role.”
This week, reports indicated Flutter is currently spending more than EUR 100 million ($112 million) yearly on safer gambling initiatives in Ireland and Britain. The increased responsible gaming efforts come as both jurisdictions move to tighten their regulations.
The industry giant’s chief executive for the UK and Ireland division, Conor Grant, estimates it spent GBP 48 million ($53.9 million) across the two countries in the first half of this year. In 2021, the total was GBP 93 million.