Merkur Group founder Paul Gauselmann is stepping down as chairman of the slot giant’s management board on 1 October.
Gauselmann, who founded the company in 1957, will be replaced as chairman by the company’s financial officer, Lars Felderhoff.
Assisting Felderhoff on the management board will be vice-chairs Jürgen Stühmeyer and Manfred Stoffers.
Paul Gauselmann’s son, Michael, will replace Manfred Grünewald as chair of the supervisory board and take his father’s place as chair of the board of the Gauselmann Family Foundation.
Commenting on his decision to step down, Paul Gauselmann said it is now time to hand over the future of Merkur to the “younger generation”.
“I have consistently devoted my energy to the company’s welfare, and at the same time to the benefit of our approximately 15,000 employees,” he said. “Now the time has come to entrust my life’s work to the younger generation.
“I am delighted that this trio is taking over the helm. They are outstanding leaders with a deep understanding of the company.
Paul Gauselmann will not be stepping away from Merkur completely, as he will continue his involvement as a member of the Gauselmann Family Foundation, which carries influence over the Merkur Group and its strategic direction.
Gauselmann concluded: “Reorganising the company by the time I turn 90 has been my wish for some time. We have accomplished this very well and are ideally positioned for the future, particularly as my son Michael, both a member of the Gauselmann family and an experienced entrepreneur, will continue to be involved in the most critical decisions.”