Veit joined Bauer in early 2018 to run a cluster of Western European and overseas countries as a member of the executive board and was promoted to COO in 2019. He developed the blueprint for and implemented the transformation of Bauer Media Group (BMG) from a traditional media company to a multi-business company together with Yvonne Bauer, owner and CEO, says the company.
In the past four years, BMG executed a portfolio reshuffle involving some 40 M&A transactions, rebalancing the revenue base towards audio, where Bauer is a European market leader, establishing the first pan-European online comparisons portal business as well as a new Small Medium Enterprise online services business. As a result, BMG says it has stabilised both revenue and profitability while creating long term growth platforms.
“I consider my mission at Bauer Media Group to be completed,” Veit comments. “The transformation has been successfully and irreversibly set in motion. Going forward, I would like to focus on new challenges and projects. That's why I have decided to leave at the end of this year. I will always be grateful for the close and successful time together, and the fun we had along the way.”
“The last four years have been a great effort, but our track record proves us right. We continue to be one of the most successful publishing companies worldwide. Thanks to the investments in our multi-business strategy, we have set out on a successful journey to ensure the long-term success of the Group,” says Yvonne Bauer. “My special thanks goes to Veit. He was not only my closest partner along the way, but also the architect of the vision. Bauer Media Group will continue its transformation path. I have really enjoyed working with Veit and wish him the very best for the future.”
BMG says the company is now entering the next stage of transformation which will include fine-tuning the strategy and organisation, as well as continuing to focus on operational excellence.
Yvonne Bauer comments: “Our mission as of now is to maximise the potential of our Business Areas and to create impact through our organisation and empower our people.”
To meet these complex challenges, Yvonne Bauer is now setting up a new executive board with four members:
- Yvonne Bauer herself will be responsible for the business and, as owner and CEO, will directly lead the four Business Areas maximising their potential.
- Paul Keenan will be appointed COO leading the transformation and creating impact through the organisation.
- Anna Sedgley will remain CFO, supporting the business and transformation through excellent financial services.
- Gerald Mai will be appointed CLO (Chief Legal Officer), supporting the business and transformation through legal expertise.
“With the newly lined up Executive Board we will continue on our successful path”, Yvonne Bauer comments. “Paul has led the transformation of the Audio business to become the leading commercial broadcaster in Europe and prior to that led Bauer's market leading UK publishing business. He is the perfect match as COO. Gerald, as CLO, will focus on legal analyses, corporate governance and compliance. He combines excellent legal expertise with a deep understanding of the business, which makes him an ideal fit for the newly-created role.”
“The convergence of globalisation and digitisation is driving increased volatility, uncertainty, complexity and disruption. However, it also offers unprecedented opportunities for companies to expand their reach and increase their efficiency, if they adapt their strategies, business models, and operations. We are prepared, and Paul and Gerald are at this stage of our transformation process the perfect complement to Anna Sedgley and myself. I am very much looking forward shaping BMG’s future with the new executive board.”
Keep up-to-date with publishing news: sign up here for InPubWeekly, our free weekly e-newsletter.
