The supervisory board of German media company Constantin Median has revoked the appointment of CEO Fred Kogel with immediate effect and suspended him from all duties.
Olaf Schröder (pictured), management board member responsible for the sports segment, was appointed the company’s new CEO.
The move follows the decision by Kogel to step down from his CEO position with effect as of September 22, 2017 and the resignation of the whole supervisory board headed by Dr Dieter Hahn.
With their retreat, Kogel and Hahn wanted to end the deadlock Constantin Medien has been in due to the battle regarding the company’s future strategy between major shareholders Dieter Hahn and Bernhard Burgener.
It will be interesting to see which strategy Schröder and Burgener will now pursue. Will they focus Constantin Medien on its film or sports business? Or will they keep both assets? The sale of Sport1 considered in June 2017 has become more unlikely, according to sources close to the company.