Zeal Network-owned online lottery provider Lotto24 has confirmed that executive board member Magnus von Zitzewitz will be leaving the company at the end of June.

von Zitzewitz will step down after seven years in the role in order to pursue a new career challenge, having decided not to join Zeal’s executive board as originally planned.

Alongside chief executive Petra von Strombeck, he helped to take Lotto24 public in 2012 following its spin-off from Tipp24.

“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,” said Lotto24 chairman Peter Steiner.

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

In addition to his current duties, Zeal chief financial officer Jonas Mattsson will succeed von Zitzewitz as Lotto24’s executive board member and CFO on 1 July.

Shares in Zeal Network SE (FRA:TIM) were trading up 0.72 per cent at €19.48 per share in Frankfurt Monday morning.