Online betting firm Flutter names Rob Coldrake as new group CFO
Adds NYSE primary listing context in paragraphs 2-4, shares movement in paragraph 6
May 31 (Reuters) -Flutter FLTRF.L, the world's largest online betting firm, named Rob Coldrake as its new group CFO on Friday and said current group finance head Paul Edgecliffe-Johnson would be stepping down from his role as group CFO and executive director.
Earlier this month, the Irish-founded company moved its operational headquarters to New York, saying it reflected the importance of the U.S. market.
Separately, Flutter also said it completed shifting its primary listing to the New York Stock Exchange on Friday.
Given the primary U.S. listing and the need for extensive executive management time to be spent in the United States, the board was in talks with Edgecliffe-Johnson regarding his ability to meet this requirement due to his family commitments in the UK and decided that it was best for him to step down, Flutter said.
Coldrake, currently the CFO of Flutter International, has held the role since joining the firm in 2020.
Flutter's London-listed shares were down more than 8% in early trade.
The stock has also been under pressure in recent days after the Illinois Senate passed a budget that would double the tax rate for the largest online sports betting operators in the state.
Reporting by Chandini Monnappa in Bengaluru; Editing by Rashmi Aich
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