The supervisory board of German media company Constantin Medien has moved to revoke the appointment of chief executive Fred Kogel with immediate effect, suspending him from all duties amid the latest development in the ongoing upheaval at the firm.
The supervisory board has appointed management board member Olaf Schröder, responsible for the firm’s sports division and chief executive of sports broadcaster Sport1, as chief executive of the management board.
The latest development comes after Kogel last week resigned from his position as chief executive. Kogel also stepped down from his board member role with the company, while the firm’s chairman of the supervisory board, Dieter Hahn, opted not to stand for re-election.
Constantin Medien’s five other supervisory board members also resigned, but Kogel’s exit was set to be effective from September 22. Earlier this year, Kogel extended his contract with the company until December 31, 2018.
Major shareholders Hahn and Bernhard Burgener have been in a long-running dispute over the future strategic direction of the firm. In an interview with the NZZ am Sonntag newspaper, Burgener stated he is now keen to displace Hahn completely from the company. “The goal is a total solution, which is why we are still working on a takeover offer,” Burgener said.
Burgener also said he is keen for Constantin to retain Sport1. In June, Constantin Medien launched a bidding process with the aim of selling all its shares in Sport1 and the Sport1 Media advertising sales agency. The shares are held by the media company’s wholly-owned subsidiary, Constantin Sport Holding.
“Hahn is unsuccessful with his strategy of selling companies,” Burgener added.
Constantin operates free-to-air channel Sport1 and pay-television channels Sport1 Plus and Sport1 US, as well as the Team Marketing agency. Sport1 has rights for a number of football properties, including the German Bundesliga.