Casinos Austria Sets Course for International Expansion

Reorganization of responsibilities at Board level strengthens efficiency, drive and direction.

At a meeting in December 2009, the Supervisory Boards of Casinos Austria AG and Casinos Austria International Holding approved the Group’s international expansion plans. The first step in this strategic realignment is the reorganization of responsibilities at Board level.

L. to r.: Paul Herzfeld and Josef Leutgeb
L. to r.: Paul Herzfeld and Josef Leutgeb
The future positioning of Casinos Austria International Holding (CAI) requires a clear division of Board responsibilities. Accordingly, Josef Leutgeb stepped down from his role as Financial Director of Casinos Austria AG at the end of 2009 to focus primarily on the Group’s international business. Likewise, Paul Herzfeld will step down from his function as Deputy Director General of Casinos Austria AG in mid-2010 to concentrate first and foremost on the Group’s continued international expansion activities.

There were also changes on the CAI Board, with Karl Stoss and Dietmar Hoscher stepping down from their respective roles as Chairman and Director from 1 January 2010 to concentrate on activities at the parent company, Casinos Austria AG. Bettina Glatz-Kremsner, Financial Director at Austrian Lotteries GmbH assumes the role of Financial Director at Casinos Austria AG with effect from 1 January 2010, consolidating responsibility for the Group’s finances.

Supervisory Board President Walter Rothensteiner confirmed his approval for the realignment: “I am convinced that this new management structure provides us with a strong and sustainable basis for a successful future.”

Karl Stoss, Director General of Casinos Austria AG and Chairman of the Board of Austrian Lotteries GmbH, said after the meeting: “I am really delighted we have such a competent management duo as Paul Herzfeld and Josef Leutgeb heading up our international business activities, and Bettina Glatz-Kremsner will now handle finance for the whole Group. These are two important steps towards a lean and efficient management structure.”

With regard to the time horizon in the search for a potential partner for CAI Stoss commented: “Our goal is to find the best, not the quickest solution. Good things sometimes take time, and luckily we are not under any time pressure.”