Thomas Coesfeld has been appointed to the Executive Board of BMG’s parent company Bertelsmann

BMG CEO Thomas Coesfeld has been appointed to the Executive Board of BMG’s parent company Bertelsmann.

Coesfeld will be responsible for the Board of Bertelsmann’s music business, which he has led as CEO since July 2023, prior to which he served as Chief Financial Officer (CFO) of BMG.

Coesfeld was appointed to the Board of this company at its meeting today (July 4), which has already started.

Thomas Coesfeld served as CEO of BMG and sat on the Management Committee of the Bertelsmann Group from July 1, 2023.

He was appointed Chief Financial Officer (CFO) of BMG on April 1, 2021 and, according to today’s announcement, has helped implement the Bertelsmann Boost strategy for the music division.

Coesfeld has already been a member of the music company’s board of directors since October 2020.

Today’s announcement also noted that Coesfeld has “restructured” Bertelsmann’s music division with a “BMG Next strategy”. In January, Coesfeld told MBW how Company prepares for “tectonic shifts” affecting the music rights business.

Part of those arrangements included changes to its digital and physical music distribution systems; focus exclusively on music publishing and recording; and reducing overheads.

The executive also committed to “double down” on BMG’s investment in the United States. Last month, BMG reorganized its front-line recording group led by Jon Loba, and signed a deal with Republic Records for a new Jelly Roll album.

Speaking at the Second Annual Music Investors Conference hosted by NMPA chairman David Israelte in New York last month, BMG’s CEO said the company saw its “best quarter ever in Q1 2024”. He mentioned that BMG “plans to continue building on this momentum.”

BMG’s annual revenue to reach EUR905 million (USD $979m) in FY 2023, up 4.6% YOY.

BMG’s operating EBITDA in 2023 is stagnant EUR194 million ($210m)which was flat compared to last year’s EBITDA result €195 million.

Before joining BMG, Thomas Coesfeld was a member of the Executive Board of Bertelsmann Printing Group (now Bertelsmann Marketing Services) and Chief Strategy Officer (CSO) of Mohn Media in Gütersloh.

He started his Bertelsmann career in early 2016, initially working for BMG and Relias in the US as a participant in the Bertelsmann Entrepreneurs Program (BEP).

After studying business administration in Vallendar, Washington and Atlanta, Coesfeld began his career as a management consultant at McKinsey in 2014.

“In his various management roles and now as CEO of BMG, he has developed a business focus with strategic acumen and excellent business acumen.”

Christoph Mohn, Bertelsmann

Christoph Mohn, Chairman of the Bertelsmann Supervisory Board, said: “I congratulate Thomas Coesfeld on his appointment to the Bertelsmann Supervisory Board.

“In his various management roles and now as CEO of BMG, he has developed a business focus with strategic planning and good business acumen.

“I am pleased that Thomas will contribute his knowledge and skills to the development of Bertelsmann as a whole as a member of the executive committee. I wish him success in this.”

“I am pleased to welcome Thomas Coesfeld as a new member of the Bertelsmann Executive Board. He knows Bertelsmann well in different positions.”

Thomas Rabe, Bertelsmann

Bertelsmann Chairman and CEO Thomas Rabe added: “I am delighted to welcome Thomas Coesfeld as a new member of the Bertelsmann Executive Board. He knows Bertelsmann well in different positions.

“As CEO of BMG, he made important decisions about the future of the business, for example bringing digital distribution in-house and using artificial intelligence in different areas of the music business.

“Thomas will enrich the work of the Management Board. I look forward to working closely with him.”

“I would like to thank the Supervisory Board for the trust they placed in me.”

Thomas Coesfeld

Thomas Coesfeld, new member of the Bertelsmann Executive Board and CEO of BMG, added: “I would like to thank the Supervisory Board for the trust it has placed in me.

“In cooperation with other members of the Executive Board under the leadership of Thomas Rabe, whom I thank for his constant support, I see a great opportunity and at the same time an obligation to develop Bertelsmann and the BMG division with full commitment. I look forward to doing this.”

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