Rabe Gets Bertelsmann Hot Seat

Bertelsmann chief financial officer Thomas Rabe will succeed Hartmut Ostrowski as company chairman and chief exec as of Jan. 1.

Ostrowski, who has steered the company through difficult trading conditions but still paid down the debt to target level, has held the position since 2008. He cites personal reasons for his decision to move across to Bertelsmann’s Supervisory Board.

Rabe, who has served as chief financial officer since January 1, 2006, previously held the same position at Bertelsmann subsidiary RTL Group in Luxembourg since 2000.

He has also been responsible for corporate investments including the company’s growth – in cahoots with U.S. investment house KKR – in the music publishing business.

His successor as Chief Financial Officer will be appointed at a later date.