Sydney-listed Tabcorp Holdings has confirmed that its long-standing chief financial officer Damien Johnston will step down during the company’s next financial year.

Tabcorp has commenced a comprehensive search process to replace Johnston, who has agreed to remain with the company until the completion of the search process and appointment of a new CFO, to ensure an orderly succession and smooth transition.

Johnston joined Tabcorp as deputy CFO in September 2003, taking over as CFO in June 2011. He has advised the company that he intends to retire during FY20.

“Mr Johnston has successfully led Tabcorp’s finance function since 2011,” said Tabcorp managing director and CEO David Attenborough. “He has overseen a number of strategic and capital management initiatives which underpin the company’s strong financial position.

“The integration of Tabcorp and Tatts is progressing well, and we have upgraded our synergy targets. Mr Johnston’s retirement coincides with the substantial completion of the integration program in FY20.”

Shares in Tabcorp Holdings Ltd. (ASX:TAH) closed in Sydney Thursday down 1.09 per cent at AUD$4.53 per share.