Co-founder Marc Peters departs Zeal Network
The London-listed business announced that Kenneth Chan will replace Peters, who owns 4.46% of Zeal stock, following the latter’s resignation.
Yale graduate Chan, who is managing director at London-based hedge fund manager Working Capital, has been appointed on an interim basis by the Hamburg Local Court until Zeal’s annual general meeting later this year.
Peters returned to Zeal in 2019 having been a vocal backer of the group’s acquisition of Tipp24, the lottery business that bore the name of the company he co-founded in 1999 and had been spun off from the wider Zeal group in 2012.
The deal was completed in May 2019, with Peters taking up his supervisory board membership a month later.
The supervisory board is responsible for advising on and overseeing the work of the management board together with the approval of measures that are of fundamental importance to the business. Peters also served on the investment committee and special committee.
Peters has been managing director of German real estate company Haus & Hof Hamburg since 2012 and is also a partner at Elbe Venture Capital.
In its most recent trading update, Zeal said transaction volume increased by 10% to €544.4m in the first nine months of 2022. Revenues grew by 14% to €74.5m, while EBITDA increased by 25% to €22.0m. Through the portals Lotto24 and Tipp24 of the subsidiary Lotto24, Zeal brokers customers’ tickets to the state lottery companies and to charity lottery operators.