Prof Peter Schwenkow (pictured right), CEO & founder of pan-European promoter, ticketing and venue giant Deutsche Entertainment AG (DEAG) is to hand over the operational management of the company to his co-CEO Detlef Kornett.

After 46 years at the company’s helm, Schwenkow announced the news on his 70th birthday. He said, “Since 1978, we have continuously and successfully developed new products and markets with committed, loyal and creative partners and employees, without whom this growth would not have been possible.”

Berlin-based DEAG operates in seven countries and has annual sales of more than €300 million (£257m). Its UK interests collectively sell around 4 million tickets per year. The UK-based businesses it owns sit under the KMJ Entertainment umbrella and include live music promoters Kilimanjaro Live, Regular Music, FORM and Singular Artists; spoken word producers Fane and How To Academy; theatrical companies Flying Music and JAS Theatricals; ticket companies Gigantic, Myticket and; festivals Belladrum Tartan Heart, Let’s Rock and Pennfest; exhibition venue Arches London Bridge, production company Kontour and the recently acquired live events promoters and producer Showplanr.

DEAG said Schwenkow will assume the role of founder & senior advisor at the company from 1 April, and that Kornett, together with fellow board members Moritz Schwenkow, Christian Diekmann and David Reinecke as well as the senior vice presidents Stuart Galbraith, Benedikt Alder, Jacqueline Zich and Oliver Hoppe, will be responsible for the “continuation of the company’s committed growth course”.