German pay-TV broadcaster Premiere said Monday that its long-serving chief executive, Georg Kofler, is stepping down.
Kofler, who became CEO in 2002 and guided the company to its stock market debut in 2005, will leave by the end of this month after he "asked the supervisory board for an early release from his contract," Premiere said in a statement.
Michael Boernicke, the chief financial officer, will replace Kofler as CEO, Premiere said.
The company said Kofler's decision to leave was due to personal reasons.
Kofler said that, now the company has regained rights to broadcast German soccer's Bundesliga after a one-year gap, "a new phase begins for Premiere: the company is set again for growth, the strategic position is excellent."