French racing operator Pari Mutuel Urbain (PMU) has appointed Florence de Noray as its new chief financial officer as it seeks to reverse its decline of recent years.

Noray will replace Benoît Cossé, who is stepping down as chief financial officer and corporate controller at PMU after 28 years with the company. In her new role with the operator, Noray will assume responsibility for driving PMU’s financial strategy as well as managing associated functions, such as purchasing and cash flow.

PMU has experienced three consecutive years of decline in revenue, with the €9.8bn ($11.1bn) accrued in 2015 some 1.8 per cent down on the previous year. However, the company noted an 11 per cent increase in international sales in 2015 after taking a majority interest in the German Tote and becoming a key pari-mutuel operator in Brazil.

Noray joins PMU from Eugène Perma, where she had been serving as executive director of finance and strategy since 2014. Earlier in her career, she held various roles with French fashion e-commerce site Brandalley, as well as Vivendi and Bouygues.

TotallyGaming.com says: “Noray brings a wealth of experience to PMU at a time when the operator needs expert guidance in reversing its decline of recent year. Finance will be key if it is to continue its international drive.”