IM boss sells stake in company

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CANNES -- IM Internationalmedia CEO Martin Schuermann has sold his 4.7% stake in the Intermedia parent to an unnamed private investor, IM said Monday.

Schuermann acquired the stake with the backing of private equity and said he placed the IM shares with a third-party investor to prevent his creditors from trying to dump the stake.

At IM's current share price of about €0.42 ($0.57), Schuermann said selling the stake of two million IM shares could send IM's stock into a tailspin. Schuermann said he has an option to buy the stake back in 12 months time. He plans to stay on as IM's chief executive and said he will soon buy back into the company.

At current market prices, Schuermann's stake would be valued at around $1.1 million.
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