At the beginning of 2012, under its new Chairman & CEO Thomas Rabe, Bertelsmann set the goal of transforming itself into a faster-growing, more digital and more international company in the next five to ten years. The strategy agreed by the Executive Board, Supervisory Board and shareholders pursues four main priorities: Strengthening the core, digital transformation, the establishment and targeted development of growth platforms, and increased expansion in growth regions. With effect from August 20, 2012, Bertelsmann changes its legal form from Aktiengesellschaft (stock corporation) to SE & Co. KGaA (partnership limited by shares) to underscore the Group’s international orientation. On a business level, developments are thick and fast: Bertelsmann makes important progress in implementing its new corporate strategy, with major transactions such as the combination of Penguin and Random House into the world's leading trade book publisher; the full acquisition of BMG and Gruner + Jahr; the purchase of the financial services company Gothia – Arvato’s largest acquisition ever – and the RTL Group (re-)IPO. The Group also successfully enters the growth sector of education: Bertelsmann acquires leading education providers and a number of holdings in promising education companies in the U.S., Asia and Latin America, with the aim of establishing a third pillar of income in the medium-term alongside media and services. At the same time, low-growth businesses such as direct marketing and the Club business are downscaled.