Paul Gauselmann, the founder and long-time leader of the Merkur Group, will officially step down as chairman on 1 October, ending a 67-year tenure at the helm of Germany’s largest gambling operator.

At 90 years old, Paul Gauselmann (pictured right) will pass leadership to Lars Felderhoff (pictured left), the company’s current chief financial officer, who will assume the role of chairman of the management board.