February 19, 2019 / 12:27 PM / 8 months ago

ProSieben reshuffles management, to meet 2018 targets

FRANKFURT, Feb 19 (Reuters) - German media group ProSiebenSat.1 is reshuffling its management as it reorganises its structure to become less dependent on TV advertising revenues under pressure from a continuing move online by audiences.

Two respective Co-CEOs will lead each of the three segments Entertainment, Red Arrow Studios and NuCom Group, ProSieben said in a statement on Tuesday.

Wolfgang Link and Michaela Tod will lead the core television unit, while James Baker and Reza Izad will head the content production unit and Claas van Delden and Florian Tappeiner will be responsible for the ecommerce activities.

Separately, Rainer Beaujean, currently finance head at packaging firm Gerresheimer, will take over as CFO in July.

Shares in ProSieben are trading near seven-year lows, putting pressure on CEO Max Conze, who has been in the job for six months and lowered ProSieben’s revenue forecast in November.

The 2018 preliminary results outlook was in line with the guidance, Prosieben said, adding that year to date trading got off to a solid start. (Reporting by Arno Schuetze, editing by Riham Alkousaa)

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