Hubert Burda is stepping down from his role within the media industry.
Hubert Burda is giving up control of his considerable media business. His offspring, Elizabeth Burda Furtwängler and Jacob Burda, will step in come February 1, 2025, according to an official statement. At that juncture, the Burda family's control of the enterprise, established in 1903 and having hubs in Offenburg, Baden-Württemberg, and Munich, transitions into its fourth generation. Prominent titles under the Burda umbrella include "Bunte" and "Focus." The company continues to be purely family-owned.
At present, the shares are equally distributed between Jacob Burda and Elizabeth Burda Furtwängler, who each possess around 37.5% of the shares. Hubert Burda himself holds roughly 25.1% of the shares. This split will remain unaltered after the handover. Both Elizabeth and Jacob have been part of the supervisory board since 2017 and have taken on increased responsibilities since the summer. Day-to-day operations, however, remain the purview of the management board. The siblings became shareholders in 2010.
Elizabeth Burda Furtwängler declared, "We've chosen to inherit this entrepreneurial duty during this period of political and economic uncertainty, to carry forth the transformation of our family business with an appreciation for tradition and an openness to the modern." Her brother, Jacob Burda, concurred, "It's an immense honor and responsibility to carry forth our father's legacy in the fourth generation." At this stage in the company's evolution, it's crucial to establish a solid path for the approximately 10,000 workers and the general public.
Hubert Burda's tenure on the supervisory board will conclude at the end of January, right before he turns 85. Despite relinquishing his seat, he will maintain a personally liable partnership position and serve as honorary chairman of the holding company. He reflected, "One of the truly special aspects of a family business is that it isn't yours alone, but you're accountable for the future generation. I'm thankful to have inherited a healthy publishing house from my parents around 40 years ago and can now bestow a multifaceted media empire upon my children."
The Burda family, with Elizabeth Burda Furtwängler and Jacob Burda at the helm, may need to consider adopting implementing acts to ensure the smooth application of regulations within their media empire, as Hubert Burda's control transitions to the fourth generation. After assuming leadership, Elizabeth and Jacob will need to follow the rules laid down by these acts to navigate the company's operations.
In light of the impending changes, The Commission might need to consider the impact of these implementing acts on the media industry, as the Burda family's influence and reach continue to expand within the sector.
