The now dismissed Burda CEO Martin Weiß and publishing house owner Hubert Burda (right) picture-alliance / Sven Simon, Sebastian Gabriel
In a few days, on February 9th, Hubert Burda will celebrate his 84th birthday. The man, whose fortune is estimated at almost four billion euros, is currently in the process of finally settling his publishing legacy. The question that concerns him: Who from the family will possibly succeed the patriarch, who has been leading the media group for 37 years now?
To the publisher’s delight, his two children, Jacob, 34, and Elisabeth, 32, are becoming increasingly involved in the family business. He transferred most of his shares to them years ago, and they sit on the powerful board of directors. Everyone holds 37.5 percent, Hubert Burda himself holds 25 percent. But who of the two should take the lead, if anyone? Jacob has a doctorate in philosophy and has now discovered his passion for numbers and investments. Or the creative Elisabeth, who is more interested in journalistic content than her brother. However, both could possibly determine the fate as equal owners.
“He wanted to play the strong boss”
Just in this important phase, the company found itself in a leadership crisis that shook the Burda world. The publisher fired its CEO Martin Weiß in mid-January after just two years in office. Since then, many have been wondering what was behind the abrupt departure. Business Insider spoke to several Burda managers about this. One of them says: “The publisher was afraid for his life’s work.”