BMG CEO Thomas Coesfeld has been appointed to the Executive Board of BMG parent company Bertelsmann.
Coesfeld will be responsible on the Board for Bertelsmann’s music business, which he has headed as CEO since July 2023, prior to which he served as Chief Financial Officer (CFO) of BMG.
Coesfeld was appointed to the company’s Board at its meeting today (July 4), with immediate effect.
Thomas Coesfeld has served as CEO of BMG and sat on Bertelsmann’s Group Management Committee since July 1, 2023.
He was appointed Chief Financial Officer (CFO) of BMG on April 1, 2021 and, according to today’s announcement, he has helped implement the Bertelsmann Boost strategy for the music division.
Coesfeld had already been a member of the music company’s management board since October 2020.
Today’s announcement also noted that Coesfeld has “realigned” Bertelsmann’s music division with the “BMG Next strategy”. In January, Coesfeld told MBW how the company is preparing for the “tectonic shifts” affecting the music rights business.
Part of those preparations have included changes to its digital and physical music distribution arrangements; focusing purely on music publishing and recordings; and reducing overheads.
The executive has also committed to “doubling down” on BMG’s investment in the United States. Last month, BMG restructured its frontline recorded music team led by Jon Loba, and struck a deal with Republic Records for the new Jelly Roll album.
Speaking at The Second Annual Music Investor Conference Hosted by NMPA boss David Israelite in New York last month, BMG’s CEO said that the company saw its “best quarter ever in Q1 2024”. He noted that BMG “plans to continue to build on this momentum.”
BMG’s annual revenues hit EUR €905 million (USD $979m) in FY 2023, up 4.6% YoY.
BMG’s operating EBITDA in 2023 stood at EUR €194 million ($210m), which was flat vs. the prior year’s EBITDA result of €195 million.
Before joining BMG, Thomas Coesfeld was a member of the Executive Board of the Bertelsmann Printing Group (now Bertelsmann Marketing Services) and Chief Strategy Officer (CSO) of Mohn Media in Gütersloh.
He began his Bertelsmann career in early 2016, initially working for BMG and Relias in the US as a participant in the Bertelsmann Entrepreneurs Program (BEP).
After studying business administration in Vallendar, Washington and Atlanta, Coesfeld began his working career as a management consultant at McKinsey in 2014.
“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.”
Christoph Mohn, Bertelsmann
Christoph Mohn, Chairman of the Bertelsmann Supervisory Board, said: “My sincere congratulations to Thomas Coesfeld on his appointment to the Bertelsmann Executive Board.
“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 for the development of Bertelsmann as a whole as a member of the Executive Board. I wish him every success in this.”
“I am pleased to welcome Thomas Coesfeld as a new member of the Bertelsmann Executive Board. He knows Bertelsmann well from various positions.”
Thomas Rabe, Bertelsmann
Bertelsmann Chairman & CEO Thomas Rabe, addded: “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.”
“I would like to thank the Supervisory Board for the trust they have placed in me.”
Thomas Coesfeld
Thomas Coesfeld, the newest member of the Bertelsmann Executive Board and CEO of BMG, added: “I would like to thank the Supervisory Board for the trust they have placed 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.”
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