EMTV Chief Executive Haffa Steps Down

25 July 2001

Thomas Haffa, chief executive of German media group EMTV, is resigning from the company he founded in 1989.

Taking his place is Werner Klatten, a former chief executive of TV network SAT.1, who is also buying a 25.1% stake in EMTV out of Haffa’s 43% holding.

Earlier this year, EMTV was bailed out by a rescue deal – strongly supported by Haffa – from rival Kirch Gruppe, after a string of expensive purchases left it with huge debts [WAMN: 15-Feb-01]. Kirch announced yesterday it would not oppose Klatten’s appointment.

News source: Financial Times