Ostrowski to resign from media organisation behind production of The X Factor and book publisher Random House
Hartmut Ostrowski, the chief executive of Bertelsmann, owner of the television production company that helps produce The X Factor, and Dan Brown publisher Random House, is to stand down as chairman and chief executive.
Ostrowski, who first joined the German company in 1982, will be replaced by long-serving chief financial officer Thomas Rabe on 1 January. The company, which also owns magazine publisher Gruner + Jahr and music joint venture BMG, said that Ostrowski is resigning from the executive board for unspecified personal reasons.
"The changeover takes place amicably and by mutual consent," the company said in a statement. Ostrowski will take a role on Bertlesmann's supervisory board.
"He led the company in difficult times," said Gunter Thielen, chairman of the supervisory board. "The timing of the changeover ensures that the passing of the baton to Thomas Rabe will be handled smoothly."
Rabe has served as chief financial officer since 2006, prior to this he held the same position at RTL in Luxembourg.
He has been responsible for growth initiatives including BMG ? a joint venture with private equity firm KKR ? which is interested in buying British label EMI's music publishing assets which are currently part of a sale by owner Citigroup.
"We are sure that in [Rabe], we have an entrepreneur at the top who will lend further momentum to Bertelsmann's growth strategy and future development," said Thielen.
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Source: http://www.guardian.co.uk/media/2011/oct/10/bertelsmann-hartmut-ostrowski-stand-down
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