Premiere chaos claims marketing chief

Oliver Kaltner exiting after only three months

COLOGNE, Germany -- Premiere's head of marketing and distribution resigned Wednesday as shares in the German pay TV group continue to plummet.

Oliver Kaltner stepped down after only three months on the job. He leaves a company in chaos.

Premiere stock continues to hit new lows, falling 12% Wednesday to 2.3 euros ($3.1). Premiere was trading at more than 9 euros just last week but plunged after new CEO Mark Williams announced that Premiere would lose as much as $95 million this year and that the pay platform has almost 1 million fewer subscribers than previously reported. CFO Alexander Teschner was subsequently forced to step down.