Earlier right now (January 30), BMG announced that its CEO for the previous decade-and-a-half, Hartwig Masuch, is to step down from that function on the finish of 2023.
Taking Masuch’s place as CEO? BMG‘s present CFO, Thomas Coesfeld, who will likely be elevated to Chief Government of the Bertelsmann-owned music firm in January 2024.
Subsequent to breaking the information this morning, MBW has obtained two memos from Masuch and Coesfeld respectively despatched to BMG’s 1,100 workers members right now.
In his memo, Masuch notes that, in years passed by, the obligatory retirement age at Bertelsmann was 60 years outdated (a coverage that famously led to tensions between the agency and a 66-year-old Clive Davis within the late ’90s).
That coverage has lengthy been scrapped at Bertelsmann, however at 68, Masuch says his determination to go away his function at BMG “ought to come as no shock”, and that “transferring on earlier than my seventieth birthday was all the time my intention”.
Masuch reveals that he personally advisable Thomas Coesfeld – who joined BMG as CFO in 2021 – for the highest job at BMG.
BMG’s present CEO feedback that over the previous two years his now-successor has “constantly revealed himself to be an astute, dynamic and strategic chief”.
Coesfeld’s notice to workers is, unsurprisingly, largely forward-looking. In it, he says, “I sit up for BMG reaching new heights within the coming years,” including that he’s “decided we’ll develop even greater and extra profitable underneath my management”.
(In H1 2022, in response to Bertelsmann figures launched final 12 months, BMG generated revenues of EUR €371 million, up 25% year-on-year.)
Coesfeld additionally pays tribute to the “astonishing job” executed by Masuch as chief of BMG because the music agency was re-born in 2008.
You possibly can learn each Masuch and Coesfeld’s memos to BMG workers, despatched right now, under.
Hartwig Masuch
We’re writing to you all to offer somewhat extra element concerning the announcement from Bertelsmann which has simply gone out. It marks the newest stage in a long-term succession plan which a lot of you might have already got guessed, however which is right now lastly confirmed. Whereas it is going to be a while til it takes full impact, we wished to let each you – and our shoppers – know as early as doable as a way to make the transition as easy as doable.
It’s not so way back that the obligatory retirement age at Bertelsmann was 60 years outdated. I’m presently waiting for my 69th birthday, so it ought to come as no shock that right now I’m asserting I’ll step down by the top of the 12 months.
It’s best to know that I’m genuinely happy that it’s Thomas Coesfeld who will likely be taking on as my successor. Having labored with him side-by-side for greater than two years, I’m satisfied that he’s the fitting individual to steer BMG into the long run. He has an instinctive understanding of the levers which drive our enterprise, the brand new applied sciences, providers and processes we have to ship for artists, songwriters and rights holders and has constantly revealed himself to be an astute, dynamic and strategic chief. That’s precisely why I advisable Thomas to be my successor.
Fourteen years in the past, Bertelsmann took an opportunity in naming a music writer in his mid-fifties – i.e. me – to steer its new twenty first century BMG. Not everybody thought I used to be the plain alternative. I’m assured that in deciding on Thomas as my successor, Bertelsmann’s intuition will once more show to be right.
Naturally it is going to be unusual when the day comes to go away BMG for the final time, however transferring on earlier than my seventieth birthday was all the time my intention. There will likely be loads of time for goodbyes later. Right this moment the main focus is on the long run. I’m delighted for Thomas – and for BMG.
Hartwig
Thomas Coesfeld
My first thought right now is to acknowledge and pay tribute to the astonishing job executed by my soon-to-be predecessor Hartwig. I’ve identified earlier than that not one of the success loved by the BMG of right now was a foregone conclusion. Again in 2008 there have been loads of music trade “specialists” eager to share that the brand new BMG can be a flop.
As a substitute what we constructed – in nice half due to Hartwig – was a thought chief, redefining what a music firm could possibly be within the streaming age. Main worldwide music firms didn’t speak about equity and transparency till BMG got here alongside. Service was not an agenda merchandise.
In 2023 we now have grown to greater than 1,100 individuals – and nonetheless hiring. We’ve got a worthwhile firm with a list and roster of most of the biggest names in music. And I’m decided we’ll develop even greater and extra profitable underneath my management.
Bertelsmann’s historical past in music dates again to the formation of the Ariola label again in 1958. It is a sign of simply how deeply-rooted music is within the Bertelsmann DNA, and a key cause why Bertelsmann continues to assist our progress so enthusiastically.
I’ve met a lot of you over the previous two-and-a-half years and have been constantly impressed by the standard and dedication of our group. BMG is finally an incredible partnership between you, Bertelsmann and naturally our shoppers.
Taking our inspiration from Hartwig, I sit up for BMG reaching new heights within the coming years.
