The FTSE-100 gambling giant behind Paddy Power is lining up a US-based businessman as its next chairman – a move that will further cement plans to abandon its presence on the London stock market.
Sky News has learnt that Flutter Entertainment, which also owns SkyBet and Betfair, is in advanced talks to appoint John Bryant to the role.
Mr Bryant, who is the senior independent director at Compass Group, the listed contract catering company, holds dual Australian and US nationality.
He sits on the boards of two US-based companies – Ball Corporation and Macy’s – and is understood to spend the majority of his time in America.
A person close to the process said Mr Bryant’s appointment was at an advanced stage, but cautioned that it had yet to be finalised.
This weekend, it was unclear whether other candidates remained in discussions with the group.
Flutter’s annual shareholder meeting takes place later this month, which one investor suggested would be a logical time for the company to unveil its next chairman.
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The £26bn company, which also owns Foxbet and Pokerstars, said in February that it was exploring seeking a US listing for its stock because of the growing importance to the group of FanDuel.
It anticipates the US-based operation becoming its “largest business by revenue and an ever-greater proportion of its overall value”, the company said.
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Flutter said the move would give it access to “much deeper capital” markets and would enable it to retain American talent more easily.
Shareholders will vote on the proposal this month, although the company has said “early feedback has been supportive”.
The move to optimise its listing structure is the brainchild of Peter Jackson, Flutter’s chief executive, who has presided over a steep increase in the company’s value.
That growth in earnings and share price has been delivered despite the threat of increased regulatory intervention, with the government expected to publish draft legislation that will include a new statutory levy later this month.
While Flutter has not explicitly said that it plans to ditch its London Stock Exchange presence, the likely move to seek a primary listing in New York is widely expected to lead to that outcome over time.
The company’s plans have sparked a renewed debate about the attractiveness of the London Stock Exchange to multinational companies during a drought of sizeable City flotations.
That issue has been brought into sharp focus by the decision of SoftBank, owner of the giant British chip designer Arm Holdings, to take the company public in New York rather than London, despite intensive lobbying by UK government ministers.
CRH, the building materials group, has also announced plans to shift its primary listing from London to New York, while it also said this week that it would abandon the Irish Stock Exchange.
Other London-quoted companies with significant US operations, including Pearson, have signalled that they may be open to transatlantic moves in future.
The search will represent the latest boardroom change at a company which now ranks among the 30 largest listed companies in Britain.
Flutter recently named Paul Edgecliffe-Johnson as its new finance chief, replacing Jonathan Hill.
Mr McGann joined the Flutter board in November 2014, meaning he would no longer be deemed independent under the City corporate governance code by the end of this year.
Andy Higginson, the former Tesco executive, had been touted as a potential long-term replacement for Mr McGann several years ago but he stepped down from the Flutter board last year, opting to become chairman of JD Sports Fashion, the retail group.
Hiscox, the London-listed insurer, is close to naming a new chairman nearly eight months after the drowning of Jonathan Bloomer on the luxury yacht of technology tycoon Mike Lynch.
Sky News has learnt that Hiscox has narrowed its search to candidates including Richard Berliand, who chairs the interdealer broker TP ICAP.
Insurance insiders said that Mr Berliand was among fewer than a handful of potential successors to Mr Bloomer.
The sinking of the Bayesian off the Sicilian coast last August claimed the lives of Mr Lynch and his daughter, along with five other passengers, including Mr Bloomer.
A former boss of Prudential, Mr Bloomer was a well-liked figure in the City.
He had chaired Hiscox for just a year when he died.
The identities of the other candidates being considered by the company were unclear on Monday.
Asian stock markets have fallen dramatically amid escalating fears of a global trade war – as Donald Trump called his tariffs “medicine” and showed no sign of backing down.
Hong Kong’s Hang Seng index of shares closed down 13.2% – its biggest drop since 1997, while the Shanghai composite index lost 7.3% – the worst fall there since 2020.
Taiwan’s stock market was also hammered, losing nearly 10% on Monday, its biggest one-day drop on record.
Elsewhere, Japan’s Nikkei 225 lost 7.8%, while London’s FTSE 100 was down 4.85% by 9am.
US stock market futures signalled further losses were ahead when trading begins in America later.
At 4am EST, the S&P 500 futures was down 4.93%, the Dow Jones 4.32% and the Nasdaq 5.33%.
Markets are reacting to ongoing uncertainty over the impact of President Trump’s tariffs on goods imported to the US, which he announced last week.
Image: A screen showing the Hang Seng index in central Hong Kong. Pic: Reuters
Speaking on Air Force One on Sunday, Mr Trump said foreign governments would have to pay “a lot of money” to lift his tariffs.
“I don’t want anything to go down. But sometimes you have to take medicine to fix something,” he said.
The US president said world leaders were trying to convince him to lower further tariffs, which are due to take effect this week.
“I spoke to a lot of leaders, European, Asian, from all over the world,” Mr Trump told reporters.
“They’re dying to make a deal. And I said, we’re not going to have deficits with your country.
“We’re not going to do that because to me, a deficit is a loss. We’re going to have surpluses or, at worst, going to be breaking even.”
Mr Trump, who spent much of the weekend playing golf in Florida, posted on his Truth Social platform: “WE WILL WIN. HANG TOUGH, it won’t be easy.”
President Trump believes his policy will make the US richer, forcing companies to relocate more manufacturing to America and creating jobs.
However, his announcement has shocked stock markets, triggered retaliatory levies from China and sparked fears of a global trade war.
Reality hits that trade war no longer just a threat
China’s announcement of its tariff retaliation came late afternoon on Friday local time.
Most Asian markets closed shortly after – and markets in China, Hong Kong and Taiwan were closed for a public holiday – meaning the scale of the hit did not play out until today.
This morning we are getting a sense of the impact. Dramatic falls across all Asian markets clearly signal a realisation a global trade war is no longer just a threat, but a reality here to stay, and a global recession could yet follow.
Up until Friday, China’s response to Donald Trump’s tariffs had been perceived as restrained and designed to avoid escalation, the markets had reacted accordingly.
But that all changed last week when Mr Trump’s new 34% levy on all Chinese goods was matched by China with an identical tax. Both sit on top of previous tariffs levied, meaning many goods now face rates in excess of 50%.
These are numbers that make most trade between the world’s two biggest economies almost impossible and that will have a global impact.
China has clearly decided any forthcoming pain will have to be managed, and not being seen to be cowed and bullied by Mr Trump is being deemed more important.
But the scale of the retaliation will have further spooked the markets as it makes the prospect of negotiation and retreat increasingly unlikely.
Mr Trump added to the atmosphere of intransigence when he told the media on Sunday the trade deficit with China would need to be addressed before any deal could be done. The complete lack of concern from the White House over the weekend will also not have helped.
While smaller economies like Japan, South Korea, Cambodia and Vietnam are all lining up to attempt to negotiate, there are a lot of nations in that queue.
There is a sense none of this will be easily rectified.
US customs agents began collecting Mr Trump’s baseline 10% tariff on Saturday.
Higher “reciprocal” tariffs of between 11% and 50% – depending on the country – are due to kick in on Wednesday.
Investors and world leaders are unsure whether the US tariffs are here to stay or a negotiating tactic to win concessions from other countries.
Richard Flax, chief investment officer at wealth manager Moneyfarm, said: “I guess there was some hope over the weekend that maybe we would see this as part of the start of a negotiation.
“But the messages that we’ve so far seen suggest that the President Trump is comfortable with the market reaction and that he’s going to continue on this course.
Goldman Sachs has raised the odds of a US recession to 45%, joining other investment banks that have also revised their forecasts.
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In the UK, Sir Keir Starmer has promised “bold changes” and said he would relax rules around electric vehicles as British carmakers deal with a new 25% US tariff on vehicles.
The prime minister said “global trade is being transformed” by President Trump’s actions.
KPMG has warned tariffs on UK exports could see GDP growth fall to 0.8% in 2025 and 2026.
The accountancy firm said higher tariffs on specific categories, such as cars, aluminium and steel, would more than offset the exemption on pharmaceutical exports, leaving the effective tariff rate around 12%.
Yael Selfin, chief economist at KPMG UK, said: “Given the economic impact that tariffs would cause, there is a strong incentive to seek a negotiated settlement that diminishes the need for tariffs.
“The UK automotive manufacturing sector is particularly exposed given the complex supply chains of some producers.”
Traders called this morning a complete bloodbath as the UK’s FTSE 100 joined world indexes in turning red as uncertainty over Donald Trump’s tariffs continued to batter stock markets.
The cause is not just the imposition of those tariffs (the largest the US has inflicted since the 1930s) and the very obvious drag this will have on global trade and growth, but also the uncertainty of ‘what next?’.
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Investors cannot work out if the Trump administration is genuinely wedded to tariffs on this scale, on the proviso that they will help re-shore companies and millions of jobs to the United States.
They don’t know if they are permanent or merely part of a negotiating tactic to address trade imbalances, and for America to use its economic heft to strike better deals.
If Mr Trump is open to deals (the first test comes later in a meeting with the Israeli prime minister), markets will calm, even if the midst of uncertainty hasn’t fully cleared.
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17:21
Time to change tactics with Trump?
However, if this is a genuine rewiring of global trade and the end of globalisation as we know it, markets and economies will continue to get battered.
As one Trump supporter, billionaire Bill Ackman – who opposes the tariffs – put it, President Trump has launched a “global economic war against the whole world” that will usher in an “economic nuclear winter.”