Tatts Group flags exec shake-up

Tatts is on the hunt for a new CFO, with Neale O’Connell to leave after twelve years with the gaming group.

Wagering and gaming giant Tatts Group has announced a shake-up of its executive ranks, with chief financial officer Neale O’Connell to stand down.

Mr O’Connell, who has served in the role for three years, has opted to return from Brisbane to Melbourne to take on the role of CFO at petrol retailer United Petroleum, as revealed by The Australian’s DataRoom. United is planning a 2017 IPO.

His departure comes after a total of 12 years with the group, with Tatts given five months to find a replacement before his official departure in February next year.

“It is disappointing to see Neale leave as he has been a key member of my executive team over the last three years, however I understand completely the attraction of returning home to Melbourne with his family,” Tatts chief executive Robbie Cooke said.

“We are fortunate ... to have a very strong and capable finance team in place coupled with five months to identify a successor to ensure a seamless transition.”

Mr O’Connell’s resignation coincides with another exit from the executive ranks, as the chief operating officer of the group’s wagering arm, Barrie Fletton, plans to leave in November.

Mr Fletton, who has spent 24 years at the company, will be replaced by Brendan Parnell, who most recently served as managing director of Tabcorp’s international division.

At 12.20pm (AEST), Tatts shares had dropped 0.8 per cent $3.71, against a broader market rise of 0.2 per cent.