BMG CEO Thomas Coesfeld has been appointed to the executive board of BMG parent company Bertelsmann.
Koesfeld will be responsible for the board of directors of Bertelsmann’s music business and will serve as CEO from July 2023. He previously served as chief financial officer (CFO) of BMG.
Coesfeld was appointed to the company’s board of directors at today’s (July 4) meeting, effective immediately.
Thomas Coesfeld has been CEO of BMG since July 1, 2023 and is a member of the Management Board of Bertelsmann AG.
He was appointed Chief Financial Officer (CFO) of BMG on April 1, 2021, and according to today’s announcement, he assisted in the implementation of the Boost strategy of Bertelsmann’s music division.
Cosfield has been a member of the music company’s management committee since October 2020.
Today’s announcement also states that Koesfeld has realigned Bertelsmann’s music division “in line with the BMG Next strategy.” In January, Coesfeld told MBW how company Preparing for “tectonic shifts” affecting the music rights business.
Part of these preparations include changing its digital and physical music distribution arrangements; focusing purely on music publishing and recording; and reducing overhead costs.
The executive also pledged to “double” BMG’s investment in the United States. Last month, BMG reorganized its front-line music recording team, led by Jon Loba, and reached a deal with Republic Records for a new Jelly Roll album.
Speaking at the second annual Music Investor Conference in New York last month hosted by NMPA boss David Israelite, the BMG chief executive said the company “had its best quarter ever in the first quarter of 2024.” He noted that BMG “plans to continue building on this momentum.”
BMG’s annual revenue in fiscal year 2023 reached 905 million euros ($979 million), an increase from the same period last year Annual growth of 4.6%.
BMG’s operating EBITDA in 2023 is €194 million ($210 million)in line with the previous year’s EBITDA result 195 million euros.
Prior to joining BMG, Thomas Coesfeld was a member of the Executive Board of Bertelsmann Printing Group (now Bertelsmann Marketing Services) and Chief Strategy Officer (CSO) of Mohn Media in Gütersloh.
He started his career at Bertelsmann in early 2016, initially working for BMG and Relias in the US as a participant in the Bertelsmann Entrepreneurship Program (BEP).
After studying business administration in Wallendaal, Washington and Atlanta, Cosfield began his career as a management consultant at McKinsey in 2014.
“In various management roles and now as CEO of BMG, he has driven and focused on business development with strategic skills and exceptional entrepreneurial instincts.”
Christoph Mohn, Bertelsmann
Christoph Mohn, Chairman of the Supervisory Board of Bertelsmann, said: “I sincerely congratulate Thomas Coesfeld on his appointment to the Executive Board of Bertelsmann.
“In various management roles and now as CEO of BMG, he has driven and focused on business development with his strategic skills and exceptional entrepreneurial instincts.
“I am delighted that Thomas will now contribute his experience and skills to the overall development of Bertelsmann as a member of the Executive Board. I wish him success in this regard.
“I am pleased to welcome Thomas Koesfeld as a new member of the Bertelsmann Executive Board. He is knowledgeable in all positions at Bertelsmann.
Thomas Rabe, Bertelsmann
Thomas Rabe, Chairman and CEO of Bertelsmann, added: “I am delighted to welcome Thomas Koesfeld as a new member of the Bertelsmann Executive Board. He is extremely knowledgeable in every role at Bertelsmann.
“As CEO of BMG, he made important decisions for the future of the business, such as bringing digital distribution in-house and using artificial intelligence in all areas of the music business.
“Thomas will also enrich the work of the Management Board. I look forward to working even more closely with him.
“I would like to thank the Board of Supervisors for their confidence in me.”
Thomas Cosfield
Thomas Coesfeld, the newest member of the Bertelsmann Executive Board and CEO of BMG, added: “I would like to thank the Supervisory Board for its confidence in me.
“Working together with my fellow members of the Executive Board under the leadership of Thomas Rabe, for whom I am grateful for his ongoing support, I see a great opportunity and at the same time an obligation to dedicate myself wholeheartedly to the further development of the Bertelsmann and BMG divisions. .I’m very much looking forward to doing this.
global music business
