Leading German sports betting provider, Tipico Group, has announced the appointment of their new chief executive officer. Joachim Baca, the former chief operator officer at bwin.party took over the role from Jan Holz.

Baca will take on the role from July 18, taking over from Holz who held the position for five years. Mr Baca comes to Tipico with a wealth of experience in the industry. He was a member of the management board at bwin.party digital entertainment from 2006 to 2016 and during his role as COO of the company, he expanded their sports betting service and implemented a customer centric management approach. Bwin.party was recently purchased by B2B and B2C online operator GVC Holdings and it is now part of a larger company that specialises in online gaming.

Speaking about his appointment as CEO of Tipico, Baca said: “Tipico is a remarkable success story – it has transformed itself into the German market leader within a decade of its foundation. 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.”

Baca plans to help the company continue to expand its sports betting product offering and further strengthen its brand positioning in the market.

It is understood that Jan Holz is leaving Tipico and his role of CEO by mutual consent.

The announcement comes after private equity group, CVC Capital Partners, in April, announced that together with funds advised by it, would acquire a majority stake in Tipico. It is expected that the deal will close around the third quarter of this year as it needs to still be reviewed by the anti-trust authorities before it can be completed.