Schambach would be replaced by Intershop's chief financial officer, Juergen Schoettler, but would nevertheless stay on as a member of the management board, the company said in a statement.

Dubbed the "Bill Gates of the former East Germany", Schambach set up Intershop in 1992.

A maker of e-commerce software, Intershop was one of the few companies based in eastern Germany to be successful.

But the collapse of the so-called New Economy led to a dramatic fall in orders for Intershop, pushing it into financial crisis.

The company is planning to cut 200 jobs from its total 445 by the end of September. Its operating loss is expected to amount to 20 million eurosmillion dollars) this year.

SPACE.WIRE