Axel Springer taps Fischer for chairman

Will replace Juergen Richter at end of 1997

BERLIN — Swiss media manager August Fischer has been named chairman of Berlin-based publishing house Axel Springer Verlag AG.

Fischer, 58, served six years as managing director of Rupert Murdoch’s News Intl., which owns British papers the Sun and the Times.

Since 1995, Fischer has worked as a media consultant and as administrative adviser to the Ringier Verlag in Zurich.

Fischer will replace Juergen Richter as Springer chairman when the latter’s contract expires at the end of the year. Though Springer revenues increased under Richter’s leadership, the outspoken chairman was criticized by shareholders for his unconventional management style.

The heirs of Axel Springer own more than 50% of the publishing house, while Bavarian media mogul Leo Kirch has a stake of nearly 40%. Springer in turn, holds a share of around 40% in German commercial web SAT1.

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