29/07/2002 - Middelhoff's sudden resignation. The differences could be over the stockmarket flotation

In a surprising move Thomas Middelhoff, head of the German media group Bertelsmann, announced Sunday evening his resignation from Bertelsmann AG. Bertelsmann is the world’s third - biggest media firm after AOL Time Warner and Vivendi Universal. To the group belongs a stake in European TV broadcaster RTL, the publishing house Random House, the online service of Napster, and the publishing house Gruner+Jahr. These acquisitions were considered to be the result of an expansionist policy of Middelhoff. Bertelsmann’s BMG music division is one of the strongest in the industry.
As an official reason for his resignation was diffused in the media that there were “differences of opinion between the chief executive officer and the supervisory board about the future strategy of Bertelsmann”. Bertelsmann announced that Guenther Thielen, member of the executive board, is to replace Middelhoff as the new chairman of the board. In the German press it is speculated that the real reason lies in Middelhoff’s plan to enter the group in the bourse. The company declined to comment on a report that appeared in German’s “Berliner Kurier” newspaper stating that Middelhoff is to become the chief executive of the former German telephone monopoly Deutsche Telecom.

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