Werner Klatten, chief of Germany’s No. 2 private web SAT 1, is ankling effective May 31.
The news, announced Wednesday evening, came as a surprise.
According to a company statement, Klatten, who has been with SAT 1 since its inception in the mid-’80s, is ending his contract. No mention of his plans was made.
A successor has already been tapped. According to the statement, his identity will be revealed as soon as he can extricate himself from his current job.