Schmitt takes rap for poor Escom results.

Retail giant Escom has revealed that CEO Manfred Schmitt has stepped down to make way for Helmut Jost, a former Escom executive and head of IBM Germany PC division. The move comes just one month after Escom surprised the industry with a net loss of DM125 million. Escom denies that Schmitt is a scapegoat, but Schmitt has said he has taken responsibility for the poor results.