After 46 Years At The Helm: Schwenkow Hands Over DEAG Management

Detlef Kornett and Prof. Peter Schwenkow Credit DEAG Deutsche Entertainment AG
Detlef Kornett (left) and Prof. Peter Schwenkow, pictured at Schwenkow’s 70th birthday celebrations in Berlin, Germany. (Credit: DEAG Deutsche Entertainment AG)

Prof. Peter Schwenkow, founder and CEO of DEAG, announced the handover of the operational management of the business to co-CEO Detlef Kornett.

Schwenkow made the announcement during a March 23 reception for his 70th birthday held at Wintergarten Varieté in Berlin. “After 46 years at the helm of the company I founded, and in the best of health,” he said, “I am announcing the long-prepared move to a new role. From April 1, I will assume the role of founder and senior advisor at DEAG, and hand over responsibility as CEO.”

He continued, “This step, on my 70th birthday, was planned for a long time and carefully prepared. The captain is leaving the bridge, but not the ship. I will continue to be part of the journey as an advisor to the company and – together with my son Moritz – as a major private shareholder in DEAG, in order to make my contribution to the company’s continued growth in the interests of all shareholders.

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“Since 1978, we have continuously and successfully developed new products and markets with committed, loyal and creative partners and employees, without whom this growth would not have been possible. Today, with over 600 employees in 7 countries at 22 locations, DEAG is one of the world’s leading live entertainment companies with continuous annual sales of over €300 million ($325 million). Our permanent focus on our customers, artists and guests will continue to be the benchmark of our work in the future.”

Kornett was installed as co-CEO in September last year, it was announced in DEAG’s 2023 half-year report. The new role added corporate strategy and growth to his objectives, which also include heading up international business affairs and marketing at DEAG.

Kornett has been a board member of DEAG since 2014. His prior roles include MD of the Red Bull GmbH, as well as the president & CEO of Anschutz Entertainment Group (AEG) in Germany for many years.

From April 1, Detlef Kornett, together with his fellow board members Moritz Schwenkow, Christian Diekmann, and David Reinecke, as well as the senior vice presidents Stuart Galbraith, Benedikt Alder, Jacqueline Zich, and Oliver Hoppe, will be responsible for the continuation of the company’s committed growth course.

DEAG’s supervisory board thanked Prof. Schwenkow for his decades of entrepreneurial work in and for one of the fastest-growing sectors in the world of live entertainment. Said supervisory board chairman Wolf Gramatke, “You can be proud of your life’s work, and we are sure that – with your continued support – we can look forward to an exciting and prosperous future.”

Head to Pollstar’s big feature on DEAG’s 40th anniversary, to learn more about Schwenkow’s start in the business, and his rise to the top.

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