Bertelsmann CEO replaced by Rabe

The head of German media conglomerate Bertelsmann, Hartmut Ostrowski, is stepping down.

Ostrowski, who joined the company in 1982, is leaving for personal reasons and will move to Bertelsmann’s supervisory board. Chief financial officer Thomas Rabe will replace him on January 1. Rabe has been at Bertelsmann since 2006, joining from RTL Luxembourg, where he was also chief financial officer.

Gunter Thielen, chairman of the supervisory board, said: “Bertelsmann owes Hartmut Ostrowski a great debt of gratitude. He led the company in difficult times. I look forward to continuing to work with him on the supervisory board. The timing of the changeover ensures that the passing of the baton to Thomas Rabe will be handled smoothly.”