Eduard Unzeitig, CFO of debt-ridden Kinowelt Medien Group, has left the company, following news that his contract has been terminated "jointly and with immediate effect".
Only less than two weeks ago Alexander van Duelmen had quit his post as head of Kinowelt International "by mutual agreement and with immediate effect".
In an official communique, Kinowelt's supervisory board chairman Dr. Peter Bach stated that the company would be unveiling a new alignment of the top management structure "in the next few weeks".
Unzeitig had been responsible for financial affairs since the founding of Kinowelt Medien in October 1997 and prepared the company's IPO in May 1998 as well as its expansion into an integrated media concern in subsequent years. Previous to Kinowelt, Unzeitig had worked for the chemical giant Hoeschst, the Georg von Holtzbrinck publishing group, and Munich-based publisher MagnaMedia Verlag.
According to one analyst, Unzeitig's departure may not be the only change at Kinowelt. "It wasn't really news to me [about Unzeitig] when one sees the state of the company. Evidently, they are feverishly looking behind the scenes for a strategic investor to solve the liquidity problem. I think that can only come about if there is a complete change of management in the executive board because the board is the problem personified. That would be the only sensible path to take".