Bertelsmann extends Rabe's contract for five more years

Bertelsmann extends Rabe's contract for five more years

Penguin Random House owner Bertelsmann has extended Thomas Rabe’s contract as chairman and c.e.o. for another five years.

The decision to give him a third term, starting on 1st January next year, was taken by the company's supervisory board at a meeting on 21st January. Rabe was first appointed as c.e.o. on 1st January 2012 and has since “strategically realigned the international media, services, and education group”, the company said.

Bertelsmann highlighted Rabe's achievements, including the formation of Penguin Random House, BMG’s re-entry into the music business, the realignment of the Arvato services division, entry into the education business, and the establishment of Bertelsmann Investments’ fund activities.

Christoph Mohn, chairman of the supervisory board, said: “I am delighted about the renewal of Thomas Rabe’s contract. In a time of increasingly rapid change, this is a clear sign of continuity. Thomas Rabe is a strategist with outstanding analytical skills and an excellent manager who has proven his and his team’s merits once again during the coronavirus crisis. He has successfully led Bertelsmann in recent years and strengthened it for the future. We wish him continued success.”

Rabe added: “I would like to thank the supervisory board and the shareholders for the trust they have once again placed in me. I look forward to my third term as c.e.o. of a company that still inspires me today as much as it did when I first took office. Together with the executive board, the management, and every employee, we have achieved a great deal at and for Bertelsmann in the past decade. There are exciting tasks ahead of us.”