Flutter Entertainment has today named company veteran and head of its international division Dan Taylor as incoming CEO.

Dan Taylor will succeed Peter Jackson who said he and the board had agreed it was the right time for new leadership. Peter Jackson has been CEO for the last nine years.

Flutter is the world’s largest online betting company.

Mr Taylor, who will take over from October 1, had only assumed the expanded role of Flutter president in May to oversee the group’s underperforming US operations, part of a management shake-up at its market-leading FanDuel brand which saw the departure of Amy Howe.

Flutter made the announcement today as it cut its full-year core profit forecast for a fourth successive quarter, this time due to planned investment in the US. That was despite a lower-than-expected second-quarter fall and a strong third-quarter start.

Flutter’s shares, which have dropped 65% over the last year as investors assess the potential impact fast-growing prediction markets may have on sports betting, were 7% lower in pre-market trading.

“The board and I have agreed that now is the right time for a new leader to guide Flutter into its next chapter,” Jackson told Reuters when asked if the decision to leave the Irish-founded group was his alone.

Flutter Chair John Bryant thanked Jackson for transforming the group into the world’s largest online betting company with annual revenue of $16 billion compared to just $2 billion when he took charge almost nine years ago.

Taylor has been with Flutter for more than a decade and was in charge of its main UK Paddy Power Betfair brands from 2018 to 2020 before becoming head of all non-US operations where he oversaw a number of big acquisitions in Italy and Brazil.