Breaking: Thomas Hesse, Bertelsmann President of Corp Development, Stepping Down (Report)

Dr. Thomas Hesse

Thomas Hesse, Bertelsmann president of corporate development and new businesses is reportedly stepping down and has asked the company's supervisory board to release him from his contract, according to sources.

A Bertelsmann spokesperson declined to comment on the report, but the matter is reportedly on the agenda of the company’s supervisory board meeting tomorrow (Nov. 29). 

in June, reports surfaced that the supervisory board would not renew Hesse’s contract. Hesse, however, is credited with helping to build BMG’s assets with BMG CEO Hartwig Masuch.

BMG administers the publishing rights to more than one million songs, including works by such artists as Bruno Mars, Duran Duran, the Gossip, Johnny Cash, and It also represents the master rights of artists who include Brian Ferry and Rolling Stones. Recently, BMG acquired Primary Wave's publishing assets.

Hesse, who has been a member of the Bertelsmann board since Feb. 2012, was formerly president of Sony Music's global digital business. He left for Bertelsmann in 2011. There is no information about a possible successor for Hesse

Hesse touted BMG’s successful business model to Billboard in March: “The BMG success story is impressive. The company works with a lean organization, a management with an excellent network, and a deep understanding of the needs of artists, songwriters and copyright holders in the digital age. We will operate this business long-term to actively expand it.”