FanDuel Group says goodbye to Matt King
Earlier this year, we got the news from FanDuel’s parent Flutter Entertainment company that Matt King was stepping down as the CEO. Although, during the announcement, they were pointing out that Mr. King would stay within the company until a suitable candidate got named. And some of the official comments read in part. For example, “we will be sorry to see him leave; he leaves the business in great shape. We are starting the process of looking for a new CEO for FanDuel”. However, It seems that the overseers of the recruitment process have got to the final page of the patience. Where we now learn that FanDuel deploys an interim CEO to take over the helm. Still, will this temporary CEO end up as a permanent fixture? Read more: Matt King Leaving FanDuel.
The achievement list is spectacular – Matt King Leaving FanDuel
Indeed, the new interim CEO, Amy Howe, has a truckload of relevant and vital knowledge that any industry-leading company would pay handsomely to get their hands on. And even if Ms. Howe might have some limited CEO background and experience, the previous roles like CSO, COO, and of course as President, have, for obvious reasons, put her right here where she is. In other words, looking for a permanent CEO should be a no-brainer for FanDuel, or is it? After all, any stretched resource either needs to get replaced or bolstered in the end. As such, as of now, it looks like we simply need to wait a bit more to see what the CEO search result brings. However, what we do know is that in many cases, the interim appointed person ends up taking over the role while a new hire takes over past duties.
Some interesting interim facts
According to a study made where 2,500 publicly listed companies partook. There is an indication that a long-term interim appointee is bad for the business. In fact, the study showed that if a company had an interim in a leading position like CEO for more than 4 quarters performed 19% lower. And this is in comparison to companies in a similar situation that appointed a permanent fixture within a reasonable time.
Not as easy as pie
There are many angles to discover when appointing a new CEO to any company. And even more so when you operate a massive apparatus like FanDuel, or more precisely, Flutter Entertainment. Sure, it all may look exceptionally well, and an easy decision on paper to appoint Amy Howe as permanent CEO for FanDuel. Yet, as pointed out in an earlier subject, all pieces to the puzzle need to be visible and ready to fit into its place when the CEO role gets filled.
Amy Howe talks with confidence
In recent news, Amy Howe has commented on the news of Mr. King’s departure and her current position by saying such things. “I am continuing the momentum we have built across the business”. But also that. “I am confident in our unique advantages in product innovation, marketing, and operational excellence. And wide market access will allow us to flourish as online gaming grows across the U.S”.
Matt King Leaving FanDuel – The timing of Matt King
If the were a “good” time to step down as CEO of FanDuel, it would, in fact, be now. This, as the overall business, is doing exceptionally well after all the curveballs thrown at it. Also in circulation is that the Flutter Entertainment extension is also performing at its best. Additionally, expectations are that the online casino with a heavy emphasis on Daily Fantasy Sports and sports betting will soon, rather than later, find a suitable candidate to take over. If the person is Ms. Howe, we don’t know, but it sure looks like a tailor-made candidate to position in the captain’s chair.