After bad financial results for 2011 and the ousting of the company´s CEO a few weeks ago, now Ringier has announced that the company´s CFO Tobias Schulz-Isenbeck is out after eight months of duty.

In a very brief press note Ringier (here in English) explained that Tobias Schulz-Isenbeck leaves “due to the reorganization at the management head.” A company spokesman pointed out that retirement had nothing to do with the weaker financial results of Ringier and that there are no further changes planned in the management of the company.

The 44-years-old Schulz-Isenbeck had just switched from the leading German newspaper group Verlagsgruppe Handelsblatt last September, where he also had been CFO and speaker chairman. New interim CFO is Annabella Bassler, until now head of Corporate Finance & Controlling at the Ringier Holding. The new CEO Marc Walder expressed the wish that Tobias Schulz-Isenbeck would continue to support the company as a consultant.

In 2011 Ringier achieved 9 per cent lower revenues of CHF 1.15 billion, with a decrease of the company´s EBITDA of 44 per cent to CHF 64 million and a reduction of net profits to CHF 22.8 million (CHF 61.7 million in 2010).