Tipico appoints bwin.party's Joachim Baca as CEO
Former bwin.party COO to take the reins at the German operator in July
German sports betting operator Tipico has appointed former bwin.party COO Joachim Baca as its new chief executive officer to replace outgoing CEO Jan Bolz.
Baca, who was on the management board of bwin.party from 2006 to 2016, will start his new role on 18 July.
“Tipico is a remarkable success story – it has transformed itself to the German market leader within a decade of its foundation,” Baca said.
“I am greatly looking forward to working with the Tipico team and its owners to enhance the company’s existing successes and lead the company through its next chapter of growth.”
During his time as bwin.party COO, Baca implemented a “customer centric management approach, expanded the company’s sports betting offering, and pushed forward innovation”, according to a statement from Tipico.
The operator said it plans to expand its own product offering going forwrd and strengthen its brand positioning under Baca.
His appointment is the first major announcement by the bookmaker since April, when funds advised by CVC Capital Partners signed a binding agreement for the acquisition of a majority stake in Tipico Group in a deal which valued the firm at around ?1.4bn.
The transaction is subject to the approval of the relevant anti-trust authorities and is expected to close in the third quarter of 2016.
The German sports betting market is expected to top ?5bn for the first time ever in 2016, despite ongoing regulatory uncertainty.