Tipp24 CFO resigns after 16 months
Andreas Keil stands down citing personal reasons one month after firm reported Q1 profit wipe out
Tipp24’s chief financial officer Andreas Keil has resigned from his position just one month after the firm reported a near wipe out of Q1 profits.
The lottery firm confirmed Keil had tendered his resignation citing personal reasons, but will stay with the firm until 30 September to oversee a transitional period.
Keil joined the firm in February 2013 having previously held positions at German chemical firm H&R AG and the Louis Dreyfus Group.
Last month the firm reported a 98.5% year-on-year drop in profits despite an increase in adjusted revenues for Q1 2014, a tumble the company attributed to significant increases in marketing activities, higher than expected lottery pay outs and a 37% increase in staff costs.
The results compounded a poor 2013 which saw EBIT slump 65% to 19.5m after costs of 14.5m were incurred by the relocation of its registered office to the UK.