Tabcorp Holdings Ltd (ASX: TAH) shares are catching the eye on Thursday.
At the time of writing, the $1.3 billion ASX 200 stock is surging 6% higher to 63 cents.
Why is this ASX 200 stock surging?
As well as getting a boost from a broad market rally, the gambling company's shares have been given a lift from a promising announcement.
According to the release, Tabcorp has appointed global wagering executive Michael Fitzsimons as its Chief Wagering Officer.
The company notes that he is "one of the world's most sought after wagering executives."
The ASX 200 stock highlights that Mr Fitzsimons will oversee all core wagering functions including digital, retail, tote, trading, product and marketing.
It adds that the position is part of the company's evolved Executive Leadership Team structure, which was announced in December. Tabcorp believes that the simpler structure will ensure all wagering functions will fall under one executive.
The appointment is subject to relevant regulatory and probity approvals.
Who is he?
Tabcorp points out that Mr Fitzsimons has over 20 years of global sports betting experience across the EU, US and Asia. He is currently Executive Director Wagering at Hong Kong Jockey Club (HKJC) where he leads strategy, trading, marketing, data and product development for fixed odds, parimutuel and lottery products.
It notes that his current role encompasses oversight of one of the world's largest totes, including the World Pool platform, along with Risk Management of China Sports Lottery's 120,000 betting branches.
Prior to this role, Mr Fitzsimons was director of International Trading and Operations at Canada's The Stars Group. During this time, he successfully launched the PokerStars Sportsbook and relaunched SkyBet in Germany and Italy. Mr Fitzsimons is on the executive of the World Tote Association (WoTA).
'A rare find'
The ASX 200 stock's managing director and CEO elect, Gillon McLachlan, was very pleased with the appointment. He said:
Michael Fitzsimons is one of the world's most sought after wagering executives and brings extensive global sports betting experience to Tabcorp. He has a deep knowledge of international sports betting, trading and tote. Michael is a rare find – he knows digital and retail wagering and is one of the few people in the world who can connect both to grow a wagering product.
The creation of a Chief Wagering Officer is a significant uplift in wagering capability within our executive team. The simpler vertical structure brings all levers that grow wagering together under one executive to ensure first class execution.
