Rob Coldrake
About Rob Coldrake
Rob Coldrake, age 46, has served as Group Chief Financial Officer of Flutter Entertainment since May 31, 2024. He is a qualified Chartered Accountant, began his career at PwC, holds a bachelor’s degree in print journalism from the University of Westminster, and previously served four years as CFO of Flutter International and as CFO of Markets & Airlines at TUI Group during a 14-year tenure there . Under his tenure as an executive, Flutter reported FY2024 revenue of $14.05B (+19% YoY) and Adjusted EBITDA of $2,357M; a $100 investment at NYSE listing was worth $125.77 at 12/31/24 (peer group $134.90) . In 2025, he reported Q1 revenue +8% and Adjusted EBITDA +20% YoY, and Q2 revenue +16% with Adjusted EBITDA +25%; the U.S. segment posted $400M Adjusted EBITDA in Q2 with a 22.3% U.S. EBITDA margin versus a 25–30% long-term target, reflecting ongoing operating leverage .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Flutter Entertainment (International Division) | Chief Financial Officer | ~4 years | Oversaw portfolio incl. PokerStars, Adjarabet, Betfair International; led acquisitions/integrations of Junglee, Sisal, MaxBet |
| TUI Group | CFO, Markets & Airlines; prior finance leadership roles (UK&I and Nordics) | 14 years | Senior finance leadership across multinational travel operations |
| PricewaterhouseCoopers | Audit and transactions | 7 years | Audit and significant transaction experience; foundational accounting training |
External Roles
- No public company board or external committee roles disclosed for Coldrake in the 2025 Proxy Statement .
Fixed Compensation
Current employment terms
| Component | Detail |
|---|---|
| Base salary | $925,000 per annum (subject to annual review) |
| Pension | 5% of base salary (contribution or cash in lieu) |
| Annual incentive target | 100% of salary for FY2024 and FY2025 (max 150% of target) |
| Long-term incentive | Consolidated LTIP award sized at 900% of salary at grant, split into three tranches with performance periods 2024–2026, 2025–2027, 2026–2028; full holding period through April 28, 2029 (award not exercisable until then) |
| Notice/severance | 12 months’ notice by either party; if terminated before the end of the notice period, entitled to total salary and pension contributions for the unworked balance (pay in lieu) |
| Restrictive covenants | 12-month post-termination non-compete, non-solicit (customers/suppliers/employees) |
2024 reported fixed/other pay
| Year | Salary ($) | All other compensation ($) | Source |
|---|---|---|---|
| 2024 | 724,349 | 70,430 |
Performance Compensation
2024 Annual Incentive (structure and results)
- Target opportunity: 100% of salary (0–150% of target payout range for Coldrake) .
- Metrics and Group-level results used for executives on Group plan (including Coldrake); the Committee approved adjustments for certain non-recurring U.S. strategic items .
| Metric (Group plan) | Weight | Target | Result (Unadjusted) | % of Target (Unadj.) | Result (Adjusted) | % of Target (Adj.) |
|---|---|---|---|---|---|---|
| Group Net Revenue | 30% | $13,607m | $14,048m | 38.11% | $14,048m | 38.11% |
| Group Adjusted EBIT | 25% | $1,636m | $1,640m | 25.25% | $1,745m | 33.27% |
| FanDuel Adjusted EBIT | 25% | $462m | $305m | 0.00% | $410m | 19.41% |
| Safer Gambling (Divisional targets) | 20% | Various | Various | 28.69% | Various | 28.69% |
| Total | 100% | — | — | 92.05% | — | 119.48% |
- 2024 actual annual incentive paid to Coldrake: $815,071 .
2025 forward equity opportunity (design)
| Award type | Target sizing | Performance period | Vesting/holding |
|---|---|---|---|
| RSUs | 125% of base salary | FY2025 grant | Time-based, subject to plan; minimum one-year vest; service requirements |
| PSUs | 150% of base salary at target (2x at max) | FY2025 grant | Performance-based, generally 3–3.5 year periods; service and performance conditions |
| Consolidated LTIP (aggregate) | 900% of salary at award | Tranche 1: 2024–2026; Tranche 2: 2025–2027; Tranche 3: 2026–2028 | Full holding period on entire award; not exercisable until April 28, 2029 |
Outstanding equity (as of 12/31/2024)
| Award | Grant date | Unvested units (#) | Market value ($) | Performance-based unearned (#) | Market/payout value ($) |
|---|---|---|---|---|---|
| DSIP 2023 | 3/7/23 | 350 | 90,458 | — | — |
| DSIP 2024 | 4/2/24 | 544 | 140,597 | — | — |
| Flutter LRSI 2023 (time-based) | 3/7/23 | 1,807 | 467,019 | 903 | 233,380 |
| Flutter LRSI 2024 (time-based) | 4/2/24 | 1,498 | 387,158 | 749 | 193,579 |
| International Incentive Plan 2022 (modified) | 6/3/24 | 9,779 | 2,527,383 | — | — |
| Consolidated LTIP T2 (performance) | 6/3/24 | — | — | 15,244 | 3,939,812 |
Notes:
- A 2024 modification removed performance conditions from an International Incentive award with a corresponding reduction in shares to avoid conflicts in assessment upon Coldrake’s appointment as Group CFO .
Equity Ownership & Alignment
- Beneficial ownership: 456 shares as of April 10, 2025 (percent not shown in table; peer entries marked “*” represent <1%) .
- Stock ownership guidelines: Other Executive Officers must hold equity equal to 300% of base salary (raised from 100% effective January 1, 2025); 5-year compliance window; counting includes beneficially owned shares, vested awards (including nil-cost options on a net-of-tax basis), and unvested time-based awards on a net-of-tax basis .
- Hedging/pledging: Prohibited by PDMR and Group Dealing Codes; short sales and speculative trading also prohibited .
- Clawbacks: Robust NYSE-compliant policy plus plan-level malus/clawback features covering restatements and detrimental conduct, extending to cash and equity awards .
Employment Terms
| Term | Detail |
|---|---|
| Appointment | Group CFO effective May 31, 2024 |
| Employment agreement | Dated May 30, 2024; supplemental side-letter Jan 9, 2025 |
| Term/renewal | No fixed term; 12 months’ notice by either party |
| Severance economics | If terminated before notice expiry: salary plus pension contributions for unworked notice balance (pay in lieu) |
| Change of control | No single-trigger equity vesting; if awards are not assumed/substituted, vesting may accelerate immediately prior; otherwise double-trigger treatment; minimum one-year vesting (limited exceptions) |
| Non-compete / Non-solicit | 12 months post-termination (customers, suppliers, employees) |
| Tax gross-ups | No tax gross-ups in change-in-control scenarios (company practice) |
Performance & Track Record
- Financial delivery: Q1 2025 revenue +8% and Adjusted EBITDA +20% YoY as Flutter transitioned to a simplified “U.S.” and “International” segmentation; highlighted operating leverage in the U.S. business and disciplined capital allocation . Q2 2025: Group revenue +16%, Adjusted EBITDA +25%, with U.S. EBITDA margin expansion and cost-of-sales initiatives (payments, fraud, geolocation) tracking to Investor Day parameters . U.S. Adjusted EBITDA reached $400M with a 22.3% margin in Q2; long-term U.S. margin target 25–30% .
- Strategic execution: Advanced a $300M cost-savings program with key migrations (PokerStars tech stack, Sky Bet) and integration milestones; expects majority of savings in 2027 following final PokerStars stack migration in 2026 . Announced extended market access and savings from Boyd agreement; leverage expected to decline as growth materializes .
- M&A and integration: For Snai (Italy), articulated a synergy plan of ~€70M over three years, with 10% run-rate in year one and ~50% by year two; common tech stack and operating model optimization identified .
Compensation Structure Analysis
- Pay mix and risk: 2025 package heavily weighted to at-risk equity (RSUs 125% salary; PSUs 150% at target; multi-tranche LTIP at 900% salary with long holding); annual bonus 100% of salary target with capped maximum at 150%—collectively signaling strong performance leverage and retention orientation .
- Metric design: Group plan emphasizes revenue, Adjusted EBIT (group and U.S.), and Safer Gambling, with Committee discretion for clearly explained U.S. strategic adjustments; 2024 Group result calculated to 119.48% of target on an adjusted basis .
- Governance safeguards: No hedging/pledging, robust clawbacks, minimum vesting, no single-trigger CoC, and no tax gross-ups on CoC; ownership guideline increase to 300% of salary elevates alignment expectations .
Risk Indicators & Red Flags
- Equity overhang/dilution: The company sought to increase the 2024 Omnibus Plan pool to support multi-year equity needs—diluted overhang including the share request would be 5.89% at March 14, 2025 (up from 2.32%), implying broader equity usage; mitigants include minimum vesting and no repricing without shareholder approval .
- Ownership level: Reported beneficial ownership of 456 shares is modest; however, unvested awards and strict ownership guidelines (300% of salary) are intended to increase alignment over time .
Equity Ownership & Alignment (Detail Table)
| Item | Detail |
|---|---|
| Beneficial ownership | 456 shares as of 4/10/2025 |
| Ownership guidelines | 300% of salary for executive officers (effective 1/1/2025); 5-year window; net-of-tax counting for vested awards and unvested time-based awards |
| Hedging/pledging | Prohibited |
| Clawbacks | NYSE-compliant, extends to cash and equity; broader plan-level recoupment |
Investment Implications
- Alignment and retention: The outsized, multi-tranche LTIP (900% salary) with a holding period to April 2029, combined with elevated ownership guidelines (300% salary) and no hedging/pledging, strongly align CFO incentives with long-term TSR and cash generation while reducing short-term selling pressure; however, low current share ownership places greater weight on unvested equity as alignment capital .
- Payout sensitivity: Annual incentive framework (Group revenue, Group/FanDuel Adjusted EBIT, Safer Gambling) plus Committee adjustments tied to strategic items drive a balanced pay-for-performance profile; 2024 adjusted Group result of 119.48% and Coldrake’s $815,071 bonus demonstrate realized linkage to operating delivery .
- Governance quality: Double-trigger CoC treatment, minimum one-year vesting, robust clawbacks, and no tax gross-ups support investor-friendly compensation risk controls; dilution is an ongoing watch item given plan share pool expansion needs for retention across a large global workforce .