It has long been known that Thomas Coesfeld, currently the CEO of BMG, was in contention to become the boss of the music company’s parent, Bertelsmann.
Indeed, it’s been widely speculated in the financial press that Coesfeld was in a race for the Bertelsmann hot seat with his elder brother, Carsten.
Today (November 13), this Succession-like drama, as the Financial Times would have it, concluded: Thomas Coesfeld is becoming Chairman and CEO of Bertelsmann, after being elected into the position by Bertelsmann’s Supervisory Board.
Both Coesfeld brothers are the grandchildren of Reinhard Mohn (1921-2009), who transformed Germany-headquartered Bertelsmann from a provincial printing press into a global media publishing house.
In addition to BMG, Bertelsmann – which is 100% family-owned – houses other media properties including RTL Group, plus the trade book publisher Penguin Random House, and the service provider Arvato Group.
35-year-old Thomas Coesfeld won’t succeed the current Chairman and CEO of Bertelsmann, Thomas Rabe, until January 1, 2027 – after Rabe’s contract expires on December 31, 2026.
Update: A BMG spokesperson confirmed today that Coesfeld will lead both BMG and Bertelsmann in a dual role when he succeeds Thomas Rabe in 2027.
Christoph Mohn, Chairman of the Bertelsmann Supervisory Board, said: “On behalf of the Supervisory Board, I would like to congratulate Thomas Coesfeld on his appointment as the next Chairman and CEO of Bertelsmann. As both an entrepreneur and a manager, he has all the qualities needed to lead Bertelsmann successfully and ensure the company’s continuity.
“Over the past ten years at Bertelsmann, I have come to know Thomas Coesfeld as an entrepreneurial leader. In recent years, he has taken the music company BMG to significantly higher levels of revenue and earnings and positioned it even more firmly for the streaming age. His appointment marks a generational change in Bertelsmann’s leadership. I wish him every success and a steady entrepreneurial hand.”
Thomas Rabe, Chairman and CEO of Bertelsmann, said: “I am very pleased with the Supervisory Board’s decision and congratulate Thomas Coesfeld on behalf of the entire Executive Board. We have worked closely and with great trust for many years, and I will do everything possible to ensure a smooth transition. Bertelsmann’s leadership will be in excellent hands with him and his team.”
Thomas Coesfeld, CEO of BMG and future Chairman and CEO of Bertelsmann, said: “I would like to thank the Supervisory Board – and in particular its Chairman, Christoph Mohn – for the trust they have placed in me. I am very much looking forward to assuming responsibility for leading Bertelsmann. It is a challenge I will take on with the full support of the Executive Board, top management, and all employees.”
Coesfeld was appointed as CEO of BMG on July 1, 2023, succeeding Hartwig Masuch in the role.
Coesfeld was previously Chief Financial Officer of BMG from April 2021, and before that was Deputy Chief Financial Officer of BMG from October 2020.
Under Coesfeld, BMG generated EUR €963 million (USD $1.04bn) in annual revenues in 2024, up 6.4% YoY or up 8.1% YoY on an organic basis.
BMG’s adjusted operating EBITDA in 2024 reached an all-time high of EUR €265 million ($287m), up 37% YoY compared to the prior year’s equivalent result of €194 million ($210m).
Earlier this year, BMG published its H1 2025 results (to end of June), showing a 4.4% YoY decline in organic revenues.
However, the company said its “underlying music streaming revenue demonstrated high single-digit growth“.
Prior to joining BMG in 2020, Coesfeld was a member of the Executive Committee of the Bertelsmann Printing Group, and Chief Strategy Officer (CSO) at Mohn Media in Gütersloh.Music Business Worldwide