Casinos Austria International suffers top management exodus

casinos austriaCasinos Austria International has a new management team. Casinos Austria AG has taken over the management of its subsidiary Casinos Austria International following the resignations of longstanding executives, specifically, Chief Executive Officer Paul Herzfeld and chief financial officer Josef Leutgeb.

Both Herzfeld and Leutgeb have stepped down from the management board by their own will and their absence will leave a gaping hole at the top end of this company. Leadership isn’t easy to replace particularly in this case where the departing executives have been an integral part of the company for many years.Herzfeld was appointed CEO of CAI in 1997, having joined Casinos Austria in 1975, and Leutgeb has served as CFO of CAI since 1997, and was also head of financial controlling at Casinos Austria.

As it stands, no definitive reason has been provided for their sudden departure from the company, but Last month CAI reported a net loss of €35.2m for 2010.

Alexander Tucek, Claudia Dotter and Wolfgang Sperl have been appointed authorised company signatories and will manage day-to-day business at CAI.