Lothar Lanz moving to Axel Springer
Stepped down as CFO at ProSiebenSat.1BERLIN -- Lothar Lanz, former CFO at troubled European broadcaster ProSiebenSat.1, is taking up the same post at German publishing giant Axel Springer in May.
The 60-year-old executive resigned from ProSieben last summer. At the time, it was suggested Lanz would be heading into early retirement. No chance of that now.
The contrast between his former and new bosses could hardly be starker. ProSieben is in the midst of a downward spiral. It booked a $165 million loss last year and its once mighty stock is now trading for less than 1 euros.
Axel Springer booked a record net profit of $728 million in 2008 and has so far weathered the global economic downturn. On Wednesday, Springer stock was trading at a still-healthy 49 euros ($63) a share.