Bertelsmann: Thomas Rabe new chief executive
Bertelsmann's Supervisory Board has appointed Thomas Rabe as Chairman of the Executive Board. He will succeed the current Chairman, Hartmut Ostrowski, effective January 1, 2012. Ostrowski is stepping down from the Executive Board for personal reasons and will join the Supervisory Board.
The change is amicable and amicable, Bertelsmann wrote in a statement on Monday.
Hartmut Ostrowski joined Bertelsmann in 1982 and has held various positions at the company since then, with a brief interruption. In 2002, as Arvato's new CEO, he also became a member of Bertelsmann's Executive Board, which he chaired on January 1, 2008. His achievements include expanding Arvato into an internationally active service company, successfully steering Bertelsmann through the economic crisis, and reducing debt to the target level.
Thomas Rabe has been Chief Financial Officer and Head of Bertelsmann's Corporate Center since January 1, 2006. He previously held the same position at RTL Group in Luxembourg since 2000. In addition to his duties as Chief Financial Officer, Thomas Rabe is also responsible for the growth initiatives bundled under Corporate Investments at Bertelsmann. These include the investment in the music rights company BMG, the funds Bertelsmann Digital Media Investments (BDMI) and Bertelsmann Asia Investments (BAI). A decision on his successor as Chief Financial Officer will be made at a later date, according to the statement.
