Bertelsmann CEO to step down

Published 5:00 am Tuesday, October 11, 2011

Bertelsmann, the German media conglomerate, said Monday that its chief executive, Hartmut Ostrowski, would step down at the end of the year, citing “personal reasons” for the surprise move.

Ostrowski will be succeeded by Thomas Rabe, the chief financial officer, on Jan. 1. Until Monday, many analysts had expected that Ostrowski, 53, would be reappointed to a second term as chief executive, given that he has steered Bertelsmann through the global financial crisis in relatively sound shape.

After giving up his duties as chief executive, Ostrowski will become a member of the board.