Thierry Potok exiting Germany's VIP
Leaves private media fund after just one yearCOLOGNE, Germany -- Thierry Potok has stepped down as head of German film fund VIP less than a year after taking up the post.
Potok will return to producing through his Polaris banner, which co-produced Julie Delpy's "2 Days in Paris." He will be replaced at VIP by Tilo Seiffert, who has been at the fund since 2007.
Once Germany's most successful private fund, VIP has invested about $1 billion in more than 50 film projects since 1989, including Oscar-winner "Monster," Paul Verhoeven's "Black Book" and Tom Tykwer's "Perfume: The Story of a Murderer."
But VIP's dodgy banking practices caught the attention of German tax authorities. Fund founder Andreas Schmid was eventually found guilty of tax evasion and sentenced to six years in prison.
Now VIP's main activities involve chasing down earnings from films it invested in and managing the few funds remaining in its portfolio.