It's auf wiedersehen to de Posch at ProSieben
EmptyProSiebenSat.1 CEO Guillaume de Posch fell on his sword Tuesday, saying he will leave the company by year's end.
De Posch's resignation follows the high-profile exits of CFO Lothar Lanz and marketing and distribution boss Peter Christmann and marks a new low for the pan-European broadcaster, which has seen its share price collapse as debt shot up and profits dipped.
Andreas Bartl, head of ProSieben's German TV operations, apparently is being groomed as de Posch's successor. He has joined ProSieben's exec board.
De Posch has been on borrowed time at least since the announcement of ProSiebenSat.1's quarterly figures in March, which showed pro forma revenue falling 2%, or €15 million ($23.3 million), to €729 million ($1.13 billion) and operating profits plunging 25% to €89 million ($138.1 million).
Soft-spoken and with a reputation as a solid numbers man, de Posch oversaw the KKR/Permira buyout of ProSieben in 2006 and ProSieben's acquisition of KKR/Permira-controlled SBS Broadcasting last year. (partialdiff)