BMG CEO Hartwig Mazuch is officially due to retire at the end of 2023, and the Berlin-headquartered company has hired Thomas Kosfeld to replace him.
This morning, the Bertelsmann subsidiary officially announced a senior management reshuffle that followed an “orderly restructuring” in early 2021. Hartwig Mazuch has been CEO of the new BMG since its inception almost 15 years ago, and after leaving this position, the 68-year-old is expected to “continue to be associated with Bertelsmann as a consultant,” senior executives said.
Thomas Kosfeld, for his part, has worked in various divisions of Bertelsmann since 2016 and started working as BMG’s CFO in April 2021. After Masuch’s change on January 1, 2024, Kosfeld will also take a seat on the Bertelsmann Group management committee, which advises the conglomerate. executive board.
Speaking about his departure from BMG in a statement, Mazukh, whose company continues to acquire the rights to songs and sign contracts with famous artists, said: “After 32 years at Bertelsmann and more than 14 years at BMG, now is the right time for me to hand over the reins to a new generation. I am convinced that the company will be in the best hands with Thomas Kosfeld and BMG’s outstanding, highly motivated global leadership team.
“As our annual results will show, the company is in excellent creative and financial shape. I’m looking forward to a smooth transition by the end of the year. I am confident that under Thomas’ leadership, BMG’s core values, such as service, fairness and transparency, will continue to evolve and flourish, which will lead the company to even greater success,” Mazukh concluded.
In his own speech, Kosfeld highlighted plans to “harness the enormous creative and entrepreneurial potential of the music industry for Bertelsmann” when he is at the helm. According to Bertelsmann’s profit and loss report, BMG’s revenue increased by more than 25 percent compared to the same period last year in the first half of 2022, bringing in 371 million euros in six months.
In addition to the aforementioned acquisitions of musical intellectual property, including agreements with John Legend and Peter Frampton, BMG continued its existing expansion in 2022, opening a new office in Mexico, as well as a creative complex in Los Angeles. In addition, last year the company completed its collaboration with Pinterest, launched a label for “resurgent recognized artists”, acquired Telamo and released albums, including Get Rollin’ from Nickelback.
As for other changes at the senior level, former YouTube chief commercial Officer Robert Kinkle will replace Stephen Cooper and become the sole CEO of Warner Music Group next Wednesday, February 1. Today, the Big Three label announced plans to release Rhythm City, its “first permanent music experience at Roblox.”