Ostrowski

Though Mr. Ostrowski is widely credited for Bertelsmann's relative stability amid the financial turmoil of recent years, the company's profits are heavily reliant on the performance of its broadcasting business RTL.

Bertelsmann Chief Steps Down Vanessa Fuhrmans 2011

A protégé of Bertelsmann supervisory board chairman and former chief executive Gunter Thielen , Mr. Ostrowski had been widely expected to manage the company for years, and a contract renewal next year was seen as a matter of course.

Bertelsmann Chief Steps Down Vanessa Fuhrmans 2011

Bertelsmann AG, Europe's largest media group, unexpectedly replaced its chief executive of nearly four years, announcing that its finance chief, Thomas Rabe , would succeed Hartmut Ostrowski .

Bertelsmann Chief Steps Down Vanessa Fuhrmans 2011

The move came as a surprise, as Mr. Ostrowski had been credited with leading Bertelsmann through the global economic crisis to record operating margins last year and had given no hint that he might leave his post early.

Bertelsmann Chief Steps Down Vanessa Fuhrmans 2011

Bertelsmann owes Hartmut Ostrowski a great debt of gratitude.

Bertelsmann Chief Steps Down Vanessa Fuhrmans 2011

The 53-year-old Mr. Ostrowski, a 29-year company veteran who was appointed chief executive in 2008, is resigning for "personal reasons" and "by mutual consent," Bertelsmann said.

Bertelsmann Chief Steps Down Vanessa Fuhrmans 2011

Other people close to the matter say the management shuffle reflected the feeling among Bertelsmann's owners that Mr. Ostrowski hadn't repositioned the company quickly enough to achieve broader growth.

Bertelsmann Chief Steps Down Vanessa Fuhrmans 2011

Bertelsmann unexpectedly replaced its CEO of almost four years, as Europe's largest media group announced that its finance chief, Thomas Rabe, would succeed Hartmut Ostrowski.

What's News— 2011

Mr. Ostrowski, who grew up and studied not far from Bertelsmann's headquarters in Gütersloh, joined Bertelsmann shortly after his studies and climbed up the management ranks in one of its stodgiest divisions: its payment and support services arm, Arvato AG, which he expanded into an international business.

Bertelsmann Chief Steps Down Vanessa Fuhrmans 2011

Though Bertelsmann declined to elaborate on the reasons for the unexpected change, some who worked for Mr. Ostrowski said he had informed the supervisory board that he felt he didn't have the energy to sign up for another five-year term.

Bertelsmann Chief Steps Down Vanessa Fuhrmans 2011