Chief executive of Paddy Power-owner Flutter to step down 

Peter Jackson will step down from the role later this year to be replaced by Dan Taylor, the head of Flutter's international division

Peter Jackson was appointed CEO of Flutter in January 2018 when it was known as Paddy Power Betfair. Picture: Carlotta Cardona/Bloomberg

Paddy Power-owner Flutter Entertainment has announced that its chief executive Peter Jackson will step down from his role later this year to be replaced by Dan Taylor, the head of its international division.

The gambling firm said Mr Taylor will take over the role on October 1 and will also join its board of directors. Mr Jackson will remain at the company as an adviser through the end of the year to ensure a smooth transition.

Mr Taylor previously served as chief executive of Paddy Power Betfair before being appointed as the chief executive officer of Flutter’s international division in July 2020. In May of this year, he was appointed president of the entire company.

As Flutter president, he had responsibility for commercial delivery across the group’s global portfolio.

Chair of Flutter’s board John Bryant said Mr Taylor has an “outstanding track record of delivering results” and his experience across the company “give us every confidence that he is the right person to lead Flutter into its next phase of growth”.

Mr Taylor said “our priority will be to keep delivering for our colleagues, customers, and shareholders, while building on the momentum we’ve created across the business”.

Mr Jackson was appointed Flutter CEO in January 2018 when it was known as Paddy Power Betfair. He oversaw the company’s rebranding in March 2019.

In addition to Mr Taylor’s announcement, the company published its latest quarterly results. They show a lower than expected 45% fall in second-quarter core EBITDA (earnings before interest, tax, depreciation, and amortisation) to $508m (€440m), compared to the $478m analysts expected.

It cited momentum in its main US market as the motivation for a “proactive” increase in investment in the second half of the year that will result in a $270m hit to profit this year.

That meant Flutter marked down its full-year adjusted EBITDA forecast for the fourth successive quarter to $2.65bn from $2.87bn in May.

In a statement, Mr Jackson said: “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.”

• Additional reporting Reuters