Flutter shares dive as CFO departs, listing shifts to US

Shares in Flutter Entertainment nosedived on Friday as the gambling outfit said finance chief Paul Edgecliffe-Johnson would leave the company with immediate effect as it shifted its listing to the US.

Edgecliffe-Johnson will be succeeded by Rob Coldrake, currently finance director of Flutter International. Shares in the company were down 17% at one point.

Flutter said that a shift to the US meant "extensive executive management time" would have to be spent there and it had held talks with Edgecliffe-Johnson "concerning his ability to meet that requirement in light of his family commitments in the UK.

"Following this discussion, the board has concluded that it is in the Company's best interests for Paul Edgecliffe-Johnson to step down from his role as Group CFO and Executive Director," it added.

Reporting by Frank Prenesti for Sharecast.com