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Thomas Coesfeld has been named the brand new boss of music firm BMG and can succeed present CEO Hartwig Masuch on Jan. 1 after Masuch steps down on the finish of this 12 months. German media big Bertelsmann, which owns BMG, made the announcement on Monday.
Coesfeld is at present BMG CFO, a put up he took over in April 2021. He’ll tackle the CEO position as of the beginning of 2024 at which period he will even sit down on the Bertelsmann Group administration committee, which advises the group government board.
Coesfeld joined Bertelsmann in 2016 and labored with BMG, in addition to with Bertelsmann subsidiary Relias, a healthcare knowledge firm, within the U.S. Earlier than that, he was a administration marketing consultant at McKinsey.
Masuch, who has been with Bertelsmann for 32 years, has been on the firm’s music division since BMG was relaunched in 2008 following Bertelsmann’s sale of its stake within the Sony BMG label. Beneath his management, BMG has grown to change into the world’s fourth-largest music firm, representing greater than 3 million songs and recordings, together with music publishing rights from such artists as David Bowie, Tina Turner and The Rolling Stones. His exit is a part of a long-term succession plan at BMG.
“Hartwig Masuch has formed the music enterprise at Bertelsmann and much past over three a long time,” stated Bertelsmann CEO Thomas Rabe. “Since 2008, he has constructed the brand new BMG from scratch with a totally new enterprise mannequin that focuses on the wants of artists and songwriters, primarily based on its core values of service, equity, and transparency…I want to take this chance to thank Hartwig for the providers he has rendered to music, to BMG, and to Bertelsmann – and for getting ready the transition to his successor, which will likely be finalized on the finish of the 12 months.”
For his half, Masuch stated it was time for him “at hand over the reins to a brand new technology,” noting that he was leaving the corporate “in glorious form each creatively and financially” and was wanting ahead to “a seamless transition by the top of the 12 months.”
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