Thomas Rabe to become new Bertelsmann head

Jörn Krieger ©RapidTVNews | 11-10-2011

In a surprise move, German media company Bertelsmann has appointed Thomas Rabe to become the new CEO from 1 January 2012. The supervisory board elected the 46-year old to the top position of the RTL parent group.
Rabe, currently Bertelsmann's CFO, will succeed Hartmut Ostrowski who will become a member of the supervisory board. The 53-year old has only been head of Bertelsmann since 1 January 2008.
Regarding the reasons, Bertelsmann only stated that "personal reasons" were behind the unexpected move. A decision about Rabe's successor as CFO will be made at a later stage.
Besides the RTL channel family, Bertelsmann group includes publisher Random House, magazine group Gruner + Jahr and outsourcing service company Arvato, among others. The company, which is present in 50 countries throughout the world and employs a total of around 100,000 people, achieved a turnover of €15.8 billion in 2010.