The Lottery Corporation has announced that CFO Adam Newman will step down from his position and leave the Australian lottery operator on 1 July 2027.
Newman will remain CFO until his departure, providing continuity while the Board conducts a process to appoint his successor. He has led the company’s finance function since 2022, including during its demerger from Tabcorp and establishment as a standalone ASX-listed business.
The planned departure comes during a period of changes to The Lottery Corporation’s funding arrangements and long-term licence portfolio. Newman recently led the operator’s first Australian debt raising, which supported funding for the extension of its Victorian Public Lottery Licence.
In September, the company priced AU$800m (US$576m) of senior unsecured notes across six-year and ten-year tranches. The financing followed the extension of the Victorian licence to June 2068, which requires an upfront payment of AU$1.15bn to the Victorian Government.
Newman said he plans to pursue a portfolio career that includes board and non-executive director positions.
The executive transition also follows a weaker FY2026 financial performance. The Lottery Corporation generated revenue of AU$3.58bn for the year ended 30 June 2026, down 2.7% year-on-year, while EBITDA before significant items declined 1.8% to AU$736.1m. Statutory net profit fell 22.1% to AU$284.6m.
The company attributed much of the decline to unfavourable jackpot outcomes, while its annual report also highlighted the Victorian licence extension, a refreshed enterprise strategy and implementation of a new operating model among developments during the year.
The Lottery Corporation MD and CEO, Wayne Pickup, said: “Adam has made a significant contribution to TLC since the demerger from Tabcorp, helping to establish the Company as a standalone ASX-listed business and building the financial foundations to support our long-term success through a period of significant change.”
In September, The Lottery Corporation priced its inaugural AU$800m Australian Medium Term Note issuance, comprising two AU$400m tranches with six-year and ten-year maturities. The operator said the financing would diversify its debt funding and support the extension of its Victorian Public Lottery Licence.
Newman has headed The Lottery Corporation’s finance function since its 2022 separation from Tabcorp
