Middelhoff is head of private equity at Polestar's owner Investcorp. He joined the investment house last summer, a year after dramatically resigning from Bertelsmann after a fall-out over strategy with the family owners of the media giant.

He will take up the Polestar chairmanship on 1 July and replaces Philip Yea, who is leaving Investcorp to join 3i as group chief executive.

Middelhoff has already been involved in consultations over Polestar's massive reinvestment plans, currently underway, and said he was "delighted to be able to work more closely with Barry and his team to bring them to fruition".

Polestar chief executive Barry Hibbert said: "Thomas is a very charismatic and bright individual. He understands the industry very well from a customer and print perspective, and he's a powerful character to have on our board. "