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State of Play’s TL;DR
- Amy Howe’s departure package from FanDuel may be worth as much as $21.2 million, according to Flutter Entertainment.
- The company originally said the former CEO would receive $4.37 million.
Former FanDuel CEO Amy Howe’s departure package may be worth as much as $21.2 million, according to a new Flutter Entertainment SEC filing.
That is far above the $4.37 million originally disclosed and adds a fresh layer to a high-profile leadership change at the biggest US sportsbook operator.
Howe left FanDuel in May after leading the company through a period in which it became the largest sportsbook operator in the US and expanded its online casino footprint. Flutter’s latest disclosure lays out additional compensation details that were not included in the earlier estimate.
Flutter says a 2021 incentive grant changes the math
The biggest addition is a $12.5 million value creation plan grant that Howe received on Oct. 4, 2021, with a vesting date of Oct. 4. Because she left before it fully vested, Flutter said it would pay her $11.47 million in cash on a pro-rata basis.
Added to the previously disclosed $4.37 million severance figure, that brings the package to $15.84 million. Flutter also said it paid $1 million in legal fees on Howe’s behalf.
The filing indicates the total value could rise further because of restricted stock units, potentially taking the overall package to $21.2 million. The exact RSU value included in that total was not detailed.
The filing also highlights limits on what Howe can say next
The separation agreement includes confidentiality and non-disparagement clauses.
In the filing, Flutter said the confidentiality obligation “specifically prohibits, among other things, the use or disclosure of confidential information for the benefit of a competitor or on behalf of any person or entity preparing to compete with the company, and includes use or disclosure of information on social media.”
Casino.org reported that some executives and investors suspected Howe may have been made a scapegoat for FanDuel’s share-price decline, and that others believed competitive pressure from prediction markets may have been part of the backdrop. Flutter did not comment to that effect in the filing.
More leadership change is coming at Flutter
The disclosure arrives as Flutter prepares for another executive transition.
The company said Group CEO Peter Jackson will step down as CEO and board member on Sept. 30 and remain an advisor through the end of 2026.
Dan Taylor is set to succeed him on Oct. 1 as CEO of Flutter’s international division and group president.
Based on reporting by Todd Shriber for Casino.org.
