BMW’s chief executive Harald Krüger will not seek a second term, throwing the German carmaker into a succession period as it deals with falling profits and the need to increase investment in electric vehicles.

The company’s supervisory board will discuss a successor on July 18.

Mr Krüger has held the position since 2015 and, while he has overseen growth in the group’s US and Chinese operations, huge model launches and record sales, he has come under pressure for slowing the company’s early progress in electric cars.

Last month, BMW tried to counter sceptics by pushing forward its electrification plans, accelerating its introduction of 25 electric or hybrid cars from 2025 to 2023, and adding more battery models to its line-up.

Mr Krüger said: “The BMW Group has been my professional home for more than 27 years. After more than 10 years in the board of management, more than four of which as the CEO of the BMW Group, I would like to pursue new professional endeavours.”

Norbert Reithofer, previous chief executive and chairman of the supervisory board, said: “Over the last quarter century, Harald Krüger has demonstrated unwavering dedication to the BMW Group in all of the various positions he has held.”

Harald Krüger has been chief executive of BMW since 2015 © Reuters



Via Financial Times

READ ALSO  Germany’s blue-chip Dax to expand in wake of Wirecard debacle