BMG CEO Thomas Coesfeld has been appointed to the board of directors of BMG parent company Bertelsmann.
Coesfeld will assume responsibility for Bertelsmann’s music business as CEO from July 2023, having previously served as BMG’s Chief Financial Officer.
Cosfeld was appointed to the company’s board of directors effective immediately at its meeting today (July 4).
Thomas Coesfeld served as CEO of BMG and will join the Bertelsmann Group Management Board from 1 July 2023.
He was appointed Chief Financial Officer (CFO) of BMG on April 1, 2021, and according to today’s announcement, he has helped implement: Bertelsmann Boost Strategy In charge of the music department.
Cosfeld has been a member of the music company’s board of directors since October 2020.
Today’s announcement also noted that Coesfeld had “realigned” Bertelsmann’s music division to align with its “BMG Next strategy.” In January, Coesfeld told MBW: That company We’re bracing for a “seismic shift” affecting the music copyright business.
Some of these preparations include: digital And we cut our overhead by signing physical music distribution deals, focusing solely on music publishing and recording.
The executive also pledged to “further expand” BMG’s U.S. investment. Last month, BMG reorganized its front-line recording music team led by Jon Loba and signed a new Jelly Roll album deal with Republic Records.
Speaking at the second annual Music Investor Conference hosted by NMPA President David Israelite in New York last month, BMG’s CEO said the company had its “best quarter ever in Q1 2024.” He noted that BMG plans to “continue to build on that momentum.”
BMG’s annual revenues reached €905 million ($979 million) in fiscal 2023. 4.6% increase over the same period last year.
BMG’s operating EBITDA in 2023 is EUR €194 million (USD 210 million)This is the same level as the previous year’s EBITDA result. 195 million euros.
today Bertelsmann Executive Board include:
- Thomas RabeChairman and CEO of Bertelsmann, CEO of RTL Group;
- Carsten CoesfeldBertelsmann Member of the Board of Directors of Bertelsmann Investments and Financial Solutions
- Thomas CoesfeldMember of the Board of Directors of Bertelsmann and CEO of BMG
- Rolf HellermannChief Financial Officer of Bertelsmann,
- Emmanuel HermerekChief Human Resources Officer at Bertelsmann.
In 2021, the Bertelsmann Supervisory Board extended Thomas Rabe’s contract as Chairman and CEO of the company for a further five years (until 2026).
Rabe’s third term begins on January 1, 2022. He was first appointed CEO on January 1, 2012.
In March, Rabe said Bertelsmann wanted to grow its music division either through a merger with a rival or through “breakthrough investments.”
“BMG could potentially be an opportunity for transformational investment and merger with a competitor,” the executive was quoted as saying. that much The Financial Times As I said.
“If the opportunity to significantly grow BMG by joining forces with another music company arises, we will consider it.”
“In a variety of management roles and now as CEO of BMG, he has developed and focused the business with his strategic skills and exceptional entrepreneurial instincts.”
Christophe Mohn, Bertelsmann
“I would like to warmly congratulate Thomas Coesfeld on his appointment to the Bertelsmann Executive Board,” said Christoph Mohn, Chairman of the Bertelsmann Supervisory Board.
“He has held various management roles and is currently CEO of BMG, where he has developed and focused the business with his strategic skills and exceptional entrepreneurial instincts.
“I am delighted that Thomas will now contribute his experience and skills to the overall development of Bertelsmann as a member of the Board of Directors. I wish him every success in this endeavor.”
“We are delighted to welcome Thomas Coesfeld as a new member of the Bertelsmann Executive Board. He knows Bertelsmann well from his various positions.”
Thomas Rabe, Bertelsmann
Thomas Rabe, Chairman and CEO of Bertelsmann, said: “I am delighted to welcome Thomas Coesfeld as a new member of the Bertelsmann Board of Management. He knows Bertelsmann well from his various positions.
“As CEO of BMG, he has made important decisions for the future of the business, including bringing digital distribution in-house and leveraging artificial intelligence across a range of areas of the music business.
“Thomas will also enrich the work of the Management Committee and I look forward to working more closely with him.”
“I would like to thank the Board of Directors for the trust they have placed in me.”
Thomas Coesfeld
Thomas Coesfeld, the newest member of the Bertelsmann Executive Board and CEO of BMG, said: “I would like to thank the Supervisory Board for their confidence in me.
“I feel a great opportunity and obligation to work together with my colleagues on the Executive Board under the leadership of Thomas Rabe and for his continuous support, to further develop the Bertelsmann and BMG divisions with full dedication. I am very much looking forward to this.”
Before joining BMG, Thomas Coesfeld was a member of the Board of Directors of Bertelsmann Printing Group (now Bertelsmann Marketing Services) and Chief Strategy Officer (CSO) of Mohn Media in Gütersloh.
He started his career at Bertelsmann in early 2016, initially working with BMG and Relias in the USA through the Bertelsmann Entrepreneur Program (BEP).
After studying business administration in Baltimore, Washington, and Atlanta, Cosfeld began his career as a management consultant at McKinsey & Company in 2014.Music Business Worldwide
