New boss for German media group Bertelsmann

10th October 2011, Comments 0 comments

German media giant Bertelsmann said Monday it has appointed its current finance director to take over as chief executive, replacing Hartmut Ostrowski, who is stepping down for "personal reasons."

Thomas Rabe, 46, will be the new boss of the group from January 1, 2012, said Bertelsmann, which owns the broadcaster RTL.

"The changeover takes place amicably and by mutual consent," it said in a statement.

The chairman of Bertelsmann's supervisory board hailed Rabe as "an entrepreneur ... who will lend further momentum to Bertelsmanns growth strategy and future development."

In August, Bertelsmann unveiled net profits of 269 million euros ($367 million) in the first half of the year, a rise of almost 10 percent from 2010, as it aims to reduce a debt pile of two billion euros.

© 2011 AFP

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