Martin Schuermann has now stepped from his post as CEO and Chairman of the Board of Los Angeles-based Intermedia Film Equities USA to return to 'hands-on' production.

In July, Schuermann had cited 'personal reasons' for leaving his other post as CEO of the IM Internationalmedia Group which he had held since succeeding Moritz Borman in May 2005.

In an official statement on Schuermann's latest move, Intermedia stressed that it wanted 'to set the record straight that Schuermann was not terminated, nor did the company plan to take legal action towards him. Mr. Schuermann resigned for personal reasons since he felt that it was time for him to go back to his creative roots and be involved with the actual process of filmmaking.'

This news comes immediately after the publication of Internationalmedia's interim report for the first nine months of 2007 which indicated that the Group's new CEO Konstantin Thoeren plans to transform Internationalmedia into 'an efficiently operating production company that focuses on the production of its own developed projects as well as of genre and TV productions from third parties.'

As previously reported, IM Global has an exclusive three-year deal to sell all Intermedia productions, including the resurrected Stopping Power and the recently announced The Prodigy starring Richard Gere.