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Richter to exit Springer

World Brief

BERLIN — Axel Springer Verlag chairman Jurgen Richter announced Friday that he is resigning his post at the end of the year.

Springer, Germany’s second-largest newspaper and magazine publishing house, is 40% owned by Bavarian media mogul Leo Kirch. Springer in turn holds a stake of around 40% in Germany’s No. 2 commercial web SAT1.

Early this year, Richter resisted Kirch’s move to become majority shareholder in SAT1. In recent months, Springer shareholders Friede Springer and Kirch have objected to the chairman’s management style.

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