BMW extends CEO Reithofer’s contract

News | September 30th, 2010 by 6
BMW-Norbert-Reithofer-655x450

Press Release: At its meeting today, the Supervisory Board of BMW AG extended the contract of Chairman of the Board of Management Dr. Ing. Norbert …

Press Release: At its meeting today, the Supervisory Board of BMW AG extended the contract of Chairman of the Board of Management Dr. Ing. Norbert Reithofer (54), until 2016. Dr. Reithofer has been a member of the Board of Management since 16 March 2000, and Chairman of the Board of Management of BMW AG since 1 September 2006.

Professor Dr. Ing. Joachim Milberg, Chairman of the Supervisory Board of BMW AG, remarked after the meeting on 29 September 2010 that: “This step will provide continuity over the years ahead and ensure trust and constructive cooperation between the Supervisory Board and the Board of Management.”

Manfred Schoch, Chairman of the General Works Council, said after the Supervisory Board meeting: “Dr. Reithofer’s reappointment will allow us to maintain the successful cooperation between the Board of Management and the Works Council. I am confident that all of us here at the BMW Group will continue working towards the same goals and that we can therefore be optimistic about the future.”

BMW extends CEO Reithofers contract

[Source: BMW ]

  • FreudeKing

    It is the sensible thing to do, not because what he is doing is correct,but rather allow him to continue what he is doing so that the company direction will not change too drastically.

  • paul

    great…the guy that brought us electric power steering, the end of NA M engines, the X5M and X6M and fwd bmw´s stays on…great day

    • FreudeKing

      He would be a perfect CEO for companies like VW, NOT BMW. BMW’s competitive advantage is product differentiation with strong brand. Now this guy is starting a whole lot of stuff and justifying them by saying that BMW’s brand is strong enough to take the knock in pursuit of greater short term profits and management bonus for himself.

  • bob

    Nowhere in the release does it say that he is “CEO”.

    • FreudeKing

      The chairman of the board of management is the CEO! just a fancy name! He holds the highest rank within top executives (executive = involved with the day to day running of the business)!

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