Former BMW AG CFO dies at age 54

Sad news my dear readers, on late Thursday, early Friday here in the US, I learned that former CFO Michael Ganal died at age 54. I wanted to hold off until BMW issued an official statement in respect for his family and their privacy. Mr. Ganal suffered of a severe illness (leukemia) and he was one of BMW’s most respected board members.

Michael joined BMW AG in 1986 and was appointed a member of the board of management in Oct. 2000 and made responsible for sales and marketing. Since Oct. 2007, he had been in charge of the finance division as CFO.

“The news of Dr. Ganal’s death has painfully torn apart our great hopes that he would be able to recover from his severe illness and resume his position on the board of management,” Joachim Milberg, the chairman of the supervisory board, said in a statement.

“We are losing not only an outstanding leader and a strong personality, but also, and in particular, a man who in recent years has contributed decisively to the success and culture of our company.”

On Tuesday, BMW said it had appointed Friedrich Eichiner as chief financial officer, taking over from Ganal, who was to remain on the board.

R.I.P!

4 Responses to “Former BMW AG CFO dies at age 54”

Brookside says:

December 8, 2008 at 9:11 am

This, obviously, explains the earlier post that told of Dr. Ganal leaving the company.

I do know, mostly from articles in Business Week, that he stabilized the company’s finances by dispersing their profits into German and Swiss banks and maybe more importantly assured that the Quandt family retains control over BMW through their majority interest in company stocks.

Basically he helped create a financial climate for the company to expand and prosper. I’m sure he’ll be missed.

Lee says:

December 8, 2008 at 10:10 am

That’s sad news for a Monday morning.

RIP, Herr Ganal.

L1ndja says:

December 9, 2008 at 1:21 pm

Sad news…
R.I.P

Gragop says:

December 9, 2008 at 5:30 pm

RIP and condolences to his family