Von Zitzewitz to step down as Lotto24 finance chief

10 June 2019

German online provider of state-run lotteries Lotto24 has confirmed Magnus von Zitzewitz will leave his role as chief financial officer by the end of the month.

Von Zitzewitz will officially step down on June 30 in order to pursue new challenges. His contract had been due to run until April 2020.

Jonas Mattsson, currently serving as CFO of Zeal Network, will take over von Zitzewitz’s responsibilities when the two businesses complete their merger on July 1.

London-listed lottery brokerage Zeal last month confirmed that it had completed the acquisition of former subsidiary Lotto24 via an all-share public takeover. As a result of his decision to exit, von Zitzewitz will not take a seat on the executive board of the joint Zeal-Lotto24 business.

“The supervisory board would like to thank Mr von Zitzewitz for his highly successful work in helping establish and expand Lotto24 AG to become Germany’s undisputed market leader in online lottery brokerage,” Lotto24 chairman Peter Steiner commented.

“The executive board and supervisory board wish him every success and all the best for both his personal and professional future."

Von Zitzewitz has served on the executive board of Lotto24 since 2012, when the business was spun off from Zeal as an independent business.

Prior to the split, he served as both director and managing director of Zeal's Tipp24 brand and, earlier in his career, had a spell as chief operating officer of Bet 3000.

Zeal aims to combine its Tipp24 lottery betting brand with Lotto24's myLotto24 business, to create a new digital lottery brokerage through the merger.