Duel of the Fates: FanDuel CEO Matt King Leaves Role, Parent Company Flutter Delays Stock Flotation
FanDuel CEO Matt King has given his resignation to board members of parent company Flutter Entertainment.
Since Mr. King took over FanDuel in 2017, the company has seen an unprecedented run. It went from a growing fantasy sports operator in New York to one of the leading online gambling operators across many of the newly legal US state markets in 2021.
“It has been a privilege to lead FanDuel over the last four years through what has been an incredibly exciting period for the company,” Mr. King said, according to The Irish Times.
“With FanDuel well positioned for the next chapter of its growth… now is the time for me to take on new opportunities as the next step in my career,”CEO Matt King
The Irish media have a particular stake in the story, as Irish-based global betting giant Flutter Entertainment is now the majority owner (95%) of FanDuel.
“FanDuel has achieved so much in the three years since PASPA was repealed and that is due in no small part to Matt’s leadership and the strong team built around him, we will be sorry to see him leave, but he leaves the business in great shape,”Flutter’s CEO Peter Jackson
Flutter was widely expected to launch a significant percentage of its stocks in FanDuel in a flotation on the open market at some point in this Quarter.
According to inside sources, the possibility is still “under review” but may be delayed by Mr. King’s unexpected departure.
Flutter is currently undergoing a restructuring project after its 2020 merger with The Stars Group made it one of the biggest gambling conglomerates in the world.
In addition to some of its stocks in FanDuel, the company is reportedly looking to sell off UK-based affiliate and betting odds comparison site Oddschecker.
The search for a new CEO begins immediately, although Mr. King has agreed to carry on in his current role until a replacement is found.
“We are starting the process of looking for a new CEO for FanDuel, and we remain focused on maintaining our leadership position in the US market,” said Flutter top boss Peter Jackson.
Meanwhile, Mr. King has yet to elaborate to the media as to where he will be headed next in his career.
“I have no doubt that the business will continue to go from strength to strength, and I wish all of my colleagues the very best for the future as they pursue the next stage of growth,” he finished.
Shares in Flutter dipped 2.5% on Wednesday after the news, although they quickly recovered. Flutter recently posted a very positive trading report for Q1 2021, including more than $2 billion in revenue.
Although Mr. King’s departure will no doubt cause some problems within the company, the impact of one individual leaving is unlikely to derail a multibillion-dollar international conglomerate like Flutter.
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