Departure follows loss of 'Power'
BERLIN — The executive shuffle continues at Internationalmedia, where Sascha Konzack has ankled as chief financial officer.
Move comes one week after Martin Schuermann stepped down as head of the group’s L.A.-based subsidiary Intermedia Film Equities USA.
Internationalmedia said Konzack resigned due to personal reasons “after setting the course for the possibility of a new beginning of the company,” adding that he would temporarily continue to support the group and its new CEO Konstantin Thoeren so that the company’s upcoming reporting and disclosure requirements could be properly met.
Konzack had been at Internationalmedia since 2004 and headed the company after Schuermann ankled as Internationalmedia’s CEO in July. Schuermann remained chief exec of Intermedia Film Equities but stepped down from that post last week after being suspended in September following the cancellation of Jan de Bont’s “Stopping Power.”
Thoeren, who took the reins at the company last month, is looking to shift Internationalmedia’s focus toward production of its own developed projects, and feature and TV productions from third parties, while working with outside partners to handle financing and sales.
Company has formed a partnership with L.A.-based R Media Acquisitions to handle joint productions, including “Stopping Power,” which R Media bailed out.
Internationalmedia shares climbed 1.3% to 11¢ on Thursday; company has seen its stock plummet 87% since its year high in February, when shares traded at 86¢.
Last week, the group posted a nine-month net loss of $18.7 million. Much of that deficit was attributable to the collapse of “Stopping Power,” which cost Internationalmedia $11.5 million.