Dr Franz Wohlfahrt, the chief executive and chairman of Austrian gaming giant Novomatic, is to step down in September, with current managing director Harald Neumann assuming the role.

Wohlfahrt leaves the company after more than a decade as chief executive, having taken up the role in January 2004.

Formerly a lawyer specialising in gaming law, Novomatic has grown dramatically under Wohlfahrt's leadership. In 2004 the company posted revenue of €470.8m, and by 2013 turnover had grown to €3.5bn.

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