Sky news has reported that Flutter Entertainment has begun approaching candidates to become its next CEO.

The company hopes to name a successor later in 2023, according to city sources, Sky News reported.

McGann joined the board in November 2014, meaning he would no longer be deemed independent under the City corporate governance code by the end of this year.

Senior Independent Director Holly Keller Koeppel is leading the search for its next chair, reported Sky News.

Flutter Entertainment, which has a market value of almost GBP20 billion and is one of the largest 30 listed companies in the UK, recently appointed Paul Edgecliffe-Johnson as its new finance chief, replacing Jonathan Hill.

Former Tesco executive Andy Higginson was reportedly touted as a potential long-term successor to McGann several years ago, but he stepped down from the board last year to become chair of retailer JD Sports Fashion.