IM Internationalmedia CEO steps down

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COLOGNE -- Martin Schurmann has resigned as chairman and CEO of Intermedia parent IM Internationalmedia, citing personal reasons, the company said Wednesday.

Schurmann, who has headed IM since the exit of former CEO Moritz Bormann in 2005, will keep his position as managing director of IM's Los Angeles-based production office, Intermedia Film Equities USA.

IM chief financial officer Sascha Konzack will take over as IM CEO.

IM shares took a nosedive after the Schurmann announcement, falling 6.5% to €0.29 (40 cents) by noon Wednesday.

IM's new projects, including Jan de Bont action film "Stopping Power" starring John Cusack and "One Missed Call," a remake of Japanese horror hit "Chakushin Ari," have failed to revive the company's stock, which has halved in the past year.
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