Moritz Bormann (pictured) has taken up the newly-created role of chief executive officer with worldwide responsibility for the Intermedia-Pacifica group and become chairman of its German parent, IM Internationalmedia.

Bormann replaces Florian Bollen as chairman after Munich-based Bollen offered his resignation last week when the company issued its second profits warning for the year. Guy East and Nigel Sinclair continue to serve as managing board members instead of stepping down as the company announced in January.

The management shake-up comes after Intermedia's share price plunged more than 60% last week when it warned that it expected a loss this year instead of a profit of around Euros 25m. The company also scrapped plans to merge with the US' Spylgass Entertainment.

Internationalmedia, formed when East and Sinclair's Intermedia merged with Bormann's Pacifica, made a previous profits warning in January. Original forecasts envisaged a profit of around Euros 47m for the year.

Other management changes see Germany-based Caspar von Blomberg, a member of the management board, become deputy chairman.