Gerd Schulte-Hillen, 62, chairman of the Bertelsmann AG andGruner + Jahr AG supervisory board, informed theGruner + Jahr AG shareholders that,as of October 30, 2003 - the date of the next G+J board meeting - he will resign fromhis position as chairman of the Gruner + Jahr AG supervisory board and member of thesupervisory board. He thus follows the principles of good corporate governance hestrongly supports - among them the avoidance of dual mandate in proprietary andaffiliated companies. This follows an announcement Mr. Schulte-Hillen made in March 2003.
His successor on the Gruner + Jahr AG supervisory board will be Gunter Thielen, 60,executive chairman of Bertelsmann AG. Schulte-Hillen will continue his chairmanshipof the Bertelsmann AG supervisory board. In this position, he will still be closelyconnected to Gruner + Jahr AG.
"It is not easy to take this step, although now is the right time to do it. I have grownvery fond of this independent publishing house and its staff, and this won´t change inthe future.", said Schulte-Hillen.
"We thank Gerd Schulte-Hillen for the competent management of the Gruner + Jahr AGsupervisory board. At the same time, we respect his determination to establish anexemplary corporate governance structure at Bertelsmann AG!", commented Gunter Thielen,executive chairman of Bertelsmann AG, on Schulte-Hillen´s decision. "And incidentally,I am looking forward to the new challenge."
On behalf of the Jahr shareholders group, John Jahr explained: "We thank Gerd Schulte-Hillenfor his 30 years of extraordinarily successful work for Gruner + Jahr. We must accept hisdecision and find comfort in the fact that, with him, we are certain to have a chairman ofthe supervisory board at Bertelsmann AG who is highly familiar with the concerns of apress company. There are friendly ties connecting us with Gunter Thielen. We appreciatehim as an experienced media manager and entrepreneur."
For further information:
Gruner + Jahr AG & Co KG
Am Baumwall 11
D - 20459 Hamburg