The Berlin-based company recorded a loss of Euros 27.4 million ($37.4 million) for last year, with revenue down 47% to $36.9 million. This has led to the planned take-over by Dutch investment company Sapinda.
Chief financial officer Markus Maximilian Sturm will take over leadership of the company.
Sasse’s successes in the past included “The Reader,” “The King’s Speech” and “The Intouchables,” but these have been overshadowed more recently by duds.
“Senator Film is at a crossroads,” Sasse said. “2013 did not live up to our expectations. I intend, after eight years of many wonderful highs and also lows, to take responsibility for this.
“We have already taken steps to implement a capital increase. Once this has been completed, I will clear the path for a change in leadership and new direction for the company.”