Zeal Network SE, a prominent player in the lottery industry, is undergoing a significant leadership transition. Peter Steiner, Chairman of the Supervisory Board, will step down after a distinguished 12-year tenure, coinciding with the unexpected passing of board member Frank Strauß. As Zeal prepares for this change, it’s crucial to analyze the company’s trajectory and recent achievements.
Overview of Peter Steiner’s Contribution:
Peter Steiner, an independent auditor, has been an integral part of Zeal’s journey since joining the Supervisory Board in 2013. Progressing from Chairman of the Audit Committee to Chairman of the Supervisory Board in 2017, Steiner’s leadership has been instrumental in steering Zeal through strategic decisions and overseeing its financial performance. His departure marks the end of an era characterized by growth and stability.
Financial Performance:
Zeal’s recent financial performance reflects its robust position in the market. In the first quarter of 2024, the company reported a noteworthy 22% increase in lottery billings, reaching €246.3 million. This growth was accompanied by a substantial 35% rise in group revenue, reaching €36.1 million compared to the same period in 2023. Adjusted EBITDA saw a modest 1% increase to €9.4 million, driven by a surge in lottery business revenue and a significant uptick in active customers.
Expansion and Membership in the World Lottery Association (WLA):
In April 2023, Zeal solidified its global presence by becoming a member of the World Lottery Association (WLA). This affiliation underscores Zeal’s commitment to upholding the highest standards of security, risk management, and responsible gaming practices. As part of the WLA, Zeal aligns itself with industry leaders, further enhancing its credibility and reputation on the global stage.
Leadership Succession Planning:
In light of Peter Steiner’s impending departure and Frank Strauß’s unfortunate passing, the Executive Committee of the Supervisory Board has initiated a comprehensive selection process to identify suitable candidates for succession. The board will propose election candidates at the 2025 Annual General Meeting, while interim measures will be implemented to fill Strauß’s position in the interim. This proactive approach ensures continuity and stability during this transitional period.
Zeal Network SE’s leadership transition comes at a pivotal moment of growth and expansion. Despite the challenges posed by succession planning, the company’s strong financial performance and strategic initiatives position it for continued success in the dynamic lottery industry. As Zeal navigates this transition, it remains focused on delivering value to its stakeholders and upholding its commitment to excellence.