(Alliance News) - Flutter Entertainment PLC on Friday said Chief Financial Officer Paul Edgecliffe-Johnson will leave the company immediately, as the gambling operator completes its shift to a US primary listing.

Flutter, formerly Paddy Power Betfair, is a sports betting and gambling company, whose subsidiaries include Betfair, Tombola and Sportsbet. It has a large US business via the FanDuel, TVG and PokerStars brands.

Flutter listed on the New York Stock Exchange and delisted from Euronext Dublin back in January. Originally, Flutter said it would keep its primary listing in London but, after feedback from US investors, later decided to move this to New York.

It also moved its operational headquarters to New York from Dublin.

On Friday, Flutter completed the US move by switching its London listing to a standard one from premium.

This means it drops out of the FTSE 100 index from Friday, replaced by Hargreaves Lansdown PLC, the fund supermarket only recently demoted from the top table. Replacing Hargreaves in the FTSE 250 is Molten Ventures PLC.

Flutter said Edgecliffe-Johnson stepped down as "his family commitments in the UK" were in conflict with the "need for extensive executive management time to be spent in the United States".

Edgecliffe-Johnson has been replaced by Rob Coldrake, who was CFO of Flutter International, having joined Flutter from Tui Travel PLC in 2020.

"We have a fantastic position in the US," said Flutter Chief Executive Officer Peter Jackson, "with FanDuel the clear number one operator, and we look forward to this next step on our journey."

Flutter shares were down 5.7% to 14,125.00 pence in London on Friday morning. It has a GBP25 billion market capitalisation.

By Tom Waite, Alliance News editor

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