MUMBAI: The supervisory board of Bertelsmann AG has appointed Thomas Rabe, currently CFO of the group, as its future chairman and CEO.

Rabe will succeed the current chairman and CEO Hartmut Ostrowski on 1 January 2012.

Ostrowski is resigning from the executive board for personal reasons and will be moving to the supervisory board. The changeover takes place amicably and by mutual consent. 

Ostrowski joined Bertelsmann AG in 1982 and has worked for the company in various functions ever since, with only a brief interruption.

In 2002, when he became Arvato CEO, he also took a seat on the Bertelsmann executive board, and was appointed its chairman on 1 January 2008. His achievements include expanding Arvato into an international services
company; successfully steering Bertelsmann through the economic crisis; and paying down the debt to the target level.

Chairman of the supervisory board Gunter Thielen said, ?Bertelsmann owes Hartmut Ostrowski a great debt
of gratitude. He led the company in difficult times. I look forward to continuing to work with him on the supervisory board. The timing of the changeover ensures that the passing of the baton to Thomas Rabe will be handled smoothly.?

Rabe has served as Bertelsmann CFO and head of the corporate centre since 1 January 2006. Prior to this, he had held the same position at RTL Group in Luxembourg since 2000.

In addition to his duties as chief financial officer, Rabe is also responsible for the corporate investments growth initiatives, which include the holding in the music rights company BMG, and the Bertelsmann Digital Media Investments (BDMI) and Bertelsmann Asia Investments (BAI) funds. His successor as CFO will be appointed at a later date.