Bertelsmann boss Thomas Rabe to step down by 2026

Thomas Rabe has revealed his plans to step down as CEO of RTL parent company Bertelsmann and exit the group at the end of 2026, when his contract ends.

Thomas Rabe (Source: RTL)

Rabe announced his upcoming departure in an interview with German news trade, Rabe told the Frankfurter Allgemeine Sonntagszeitung and has also been reported by the wider German press.

Rabe said when his contract comes to an end he plans to “leave the corporate world and will not seek any supervisory board mandates. I would then like to be free. He added, “I can only imagine one or two entrepreneurial tasks, but more as a supporter and advisor.”

The chief also serves as a member of the supervisory board of Adidas’ German unit and  serve as chairman.

The Bertelsmann and RTL boss said the group is putting more focus on its regional business with the USA, Brazil, Mexico and India “becoming increasingly important,” with plans to acquire more smaller companies.

“Ultimately, it’s about a broader positioning of the Group in the interests of our shareholders, the Bertelsmann Foundation and the Mohn family, who hold virtually all of their assets in the form of Bertelsmann shares,” Rabe said. “The rule is to combine small and medium-sized acquisitions over time and mould them into larger businesses.”

Rabe first joined the company in 2000 as chief financial officer of RTL and in 2003 he was also appointed head of the corporate centre.

Rabe was appointed CFO Bertelsmann and joined the group’s executive board by 2006. Since 2012, he has served as CEO and chairman of the executive Board of Bertelsmann, to be later appointed as RTL;s chief executive seven years later. He also took over as chairman of the management board of RTL Deutschland by 2022.

In September RTL revenue was up 4.5% year-on-year at €9.7 billion, for H1 2023. RTL+ paid subscribers in Germany and Hungary and Videoland in the Netherlands rose by 34% to more than six million. However operating EBITDA and group profit were both down year on year, by 11% and 47% respectively

The company has also recently secured a €1.1 billion agreement on the sale of its Dutch operation RTL Nederland to DPG Media which previously RTL Belgium. The move to sell the Dutch unit comes following RTL’s failure to secure regulatory approval for its planned merger with Talpa Network at the start of 2023.