Unzeitig exits Germany’s Kinowelt

Film group head Koelmel taking on CFO duties

BERLIN — Kinowelt Medien is bidding farewell to finance chief Eduard Unzeitig, the latest exec departure from the troubled German film group.

Company co-topper Michael Koelmel will for the time being take over CFO responsibilities.

Cash-strapped Kinowelt is in the midst of severe restructuring and on the lookout for potential investors, details of which are expected in the coming weeks. Both RTL Group and Kirch Group have reportedly been offered stakes in the company although interest in the producer-distrib is said to be low.

The company’s top management tier will also be reshuffled, according to Peter Bach, chairman of Kinowelt’s supervisory board.

Kinowelt declined to give a reason for Unzeitig’s departure, but said it was a mutual decision and that Unzeitung would remain a consultant to the company. Unzeitig joined Kinowelt in 1997.

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