Fortuna Entertainment Group’s (FEG) owner confirmed to NEXT.io that current CFO and COO Dieter John (pictured) has succeeded Victor Corcoran as chief executive.
The move, which was effective from yesterday (7 January), marks the end of Corcoran’s just over two-year leadership stint at the CEE online and retail gambling giant.
It follows rumours in the Czech press the company’s Penta Investments owner had ultimately decided not to move forward with a sale after a months-long process overseen by JP Morgan, confirmed to NEXT.io in a statement.
Iain Child, Penta Investments managing partner, said: “We believe in the significant growth potential of FEG and are committed to invest to support its further development.
“Dieter brings a wealth of experience from various companies and has an extensive track record in growing, scaling, and transforming complex, international organisations.
“It is particularly valuable for us, that Dieter is already with us at Fortuna providing continuity and that we have also successfully cooperated with him at Aero Vodochody.”
John first joined the group in March 2024, following a long career in several leading European real estate, transportation and aerospace companies, among others.
This included two-years spent as executive vice president at Airbus Group, and most recently as CEO and chairman of German real estate service provider Planet Home Group between 2020 and 2024.
Other notable roles included as president and CEO of Bombardier Transportation in Central and Eastern Europe and as President and CEO of Aero Vodochody Aerospace.
John added: “I am convinced of FEG´s great potential to further develop its position as leading gaming and betting operator in the CEE region.
“I am proud to lead FEG in this important phase of expansion. I appreciate Penta´s commitment to support FEG as its long-term strategic investment, which is creating a strong ground for our transformation journey.”
New Fortuna CEO follows decision to abandon sale plans
The change in leadership followed Penta’s recent decision to retain full ownership of FEG and to focus on long-term expansion.
Penta confirmed rumours to NEXT.io in March 2024 that it has entered into discussions to sell the business.
Reuters had speculated such a transaction could be valued at €2bn, highlighting the company’s then €200m EBITDA.
Potential buyers at the time included European gambling operators and private equity firms.
A spokesperson for the investment fund told NEXT.io last March: “While it’s true that Penta has initiated discussions with JPMorgan to explore various strategic options for Fortuna Entertainment Group, it’s essential to emphasise that this process extends beyond a mere transactional sale.
“Rather, it underscores Penta’s commitment to meticulously evaluating alternative avenues for the future development of the franchise, ensuring sustainable growth and long-term value creation.”
These talks followed the Penta taking the Czech betting business private in 2018.