Teuton exec to stay in L.A.
BERLIN — Moritz Borman has replaced Florian Bollen as chairman and CEO of Internationalmedia, German parent of Intermedia.
His appointment comes in the wake of last week’s cancellation of the group’s merger with Spyglass Entertainment and the disastrous crash in the company’s share price (Daily Variety, March 5).
Borman was Internationalmedia’s former deputy chairman as well as chairman of subsidiaries Pacifica and Intermedia. He takes on the top job effective immediately.
The German native will remain in Los Angeles, a further sign of the company’s efforts to transfer much of its operations to Hollywood.
Internationalmedia will be represented in Munich by new deputy chairman Caspar von Blomberg, who joined the group in December and will be responsible for corporate development and human resources.
The Munich office will still handle finance, investment relations and communication operations, which are to be bolstered and provide greater corporate transparency.
The company was widely criticized last week after it pulled the merger, issued a profit warning, and announced the introduction of new accounting principles all in the same day. The moves, seen as possible evidence that Internationalmedia’s books may not have been in pristine order, startled investors and caused shares to plummet 65% on Frankfurt’s Neuer Markt.
Bollen accepted responsibility for the failure to reach the company’s annual target figures and offered his resignation.