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Bertelsmann 3Q Earnings Up 78%; Chairman Resigns

Authored by Mark Hefflinger on November 20, 2003 - 7:19am.
Frankfurt -- German media giant Bertelsmann -- the No. 5 record company in the world and owner of publisher Random House -- on Thursday reported a 78% increase in third-quarter earnings. The news was largely overshadowed, however, by the surprising resignation of supervisory board chairman Gerd Schulte-Hillen, who reportedly quit because of disagreements with senior management over the company's plans to merge its record label business with Sony's. The news has led some analysts to suggest there is a growing rift between the supervisory board chairman and the CEO at Bertelsmann. Former CEO Thomas Middelhoff resigned only a year ago.
tags: Bertelsmann | Chairman | Resigns | 3Q |