BERLIN, DE (CelebrityAccess) – BMG parent company, Bertelsmann, has announced the appointment of Thomas Coesfeld to its Executive Board. Coesfeld, who has been the CEO of BMG since July 2023, will now oversee Bertelsmann’s music division as a board member. This move is part of the company’s strategy to enhance its presence and growth in the music industry.
Coesfeld’s journey with Bertelsmann has been marked by significant contributions to the company’s music division. Since stepping into the role of BMG’s CEO on July 1, 2023, Coesfeld has been instrumental in realigning the music business under the “BMG Next strategy.” His efforts have focused on adapting to the rapid changes in the music rights landscape, optimizing digital and physical music distribution, and streamlining operations to reduce overhead costs.
Before becoming CEO, Coesfeld served as the Chief Financial Officer (CFO) of BMG from April 2021. During his tenure, he played a crucial role in implementing the Bertelsmann Boost strategy for the music division, contributing to its financial and strategic direction. Coesfeld’s leadership has been characterized by a forward-thinking approach, including embracing artificial intelligence in music operations and bringing digital distribution in-house.
Under Coesfeld’s leadership, BMG has continued to thrive, achieving its “best quarter ever” in Q1 2024, as reported at the Second Annual Music Investor Conference in New York. BMG’s annual revenues reached EUR 905 million ($979 million) in 2023, a 4.6% increase from the previous year. Although the operating EBITDA was stable at EUR 194 million ($210 million), the focus has been on sustaining growth and leveraging new opportunities in the music market.
Coesfeld has been committed to expanding BMG’s investment in the United States and has overseen significant restructuring efforts, including a partnership with Republic Records to release Jelly Roll’s new album. These initiatives are part of a broader strategy to position BMG for future growth and success in a competitive industry.
With Coesfeld’s appointment to the Bertelsmann Executive Board, he joins a distinguished group of leaders including:
– Thomas Rabe: Chairman and Chief Executive Officer of Bertelsmann and CEO of RTL Group.
– Carsten Coesfeld: Member of the Executive Board responsible for Bertelsmann Investments and Financial Solutions.
– Rolf Hellermann: Chief Financial Officer of Bertelsmann.
– Immanuel Hermreck: Chief Human Resources Officer of Bertelsmann.
Rabe, Bertelsmann’s Chairman and CEO, expressed his confidence in Coesfeld’s abilities: “I am pleased to welcome Thomas Coesfeld as a new member of the Bertelsmann Executive Board. He knows Bertelsmann well from various positions. As CEO of BMG, he has made important decisions for the future of the business, for example, by bringing digital distribution in-house and using artificial intelligence in various areas of the music business. Thomas will enrich the work of the Management Board as well. I look forward to working even more closely with him.”
Christoph Mohn, Chairman of the Bertelsmann Supervisory Board, also praised Coesfeld’s appointment, highlighting his strategic skills and entrepreneurial instincts: “In his various management functions and now as CEO of BMG, he has advanced and focused the business with strategic skill and excellent entrepreneurial instincts. I am delighted that Thomas will now be contributing his experience and skills to the development of Bertelsmann as a member of the Executive Board. I wish him every success in this.”
As Coesfeld steps into this new role, he expresses his gratitude and commitment to furthering Bertelsmann’s growth: “I would like to thank the Supervisory Board for their trust in me. In working with my fellow Executive Board members 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 further develop Bertelsmann and the BMG division with full commitment. I very much look forward to doing this.”
Before his tenure at BMG, Coesfeld served on the Executive Board of the Bertelsmann Printing Group (now Bertelsmann Marketing Services) and as Chief Strategy Officer (CSO) of Mohn Media. His career with Bertelsmann began in early 2016 when he participated in the Bertelsmann Entrepreneurs Program and worked with BMG and Relias in the U.S.
