Board Members Oppose Norbert Reithofer’s appointment as supervisor

News | May 11th, 2015 by 4
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As Chairman of the BMW Board, Dr. Norbert Reithofer has an impressive track record to look back at and he is often referenced as one …

As Chairman of the BMW Board, Dr. Norbert Reithofer has an impressive track record to look back at and he is often referenced as one of the best CEOs in BMW’s history. Dr. Reithofer steps down this month and hands the reins to his successor, Harald Krueger, but at the BMW Annual General Meeting on Wednesday, the outgoing chief executive must also reckon with headwinds.

According to Frankfurter Allgemeine Sonntagszeitung, several shareholders are opposing the nomination of Reithofer as the head of supervisory board. While no one questions Reithofer’s skills as a manager and strategist, the so-called cooling-off period is brought into discussion as the main reason for the opposition. According to them, a supervisory chairman needs to distance himself from the company’s day-to-day activities in order to bring fresh eyes to the table.

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German asset management company Union Investment holds a seat board and intends to vote against the nomination. Whether that is sufficient to prevent the election, remains to be seen, especially with the Quandt family having the voting power.

In the almost nine years that Dr. Norbert Reithofer was at the head of the BMW Group, the company increased its worldwide sales from less than 1.4 to more than 2.1 million units, sales rose in the same period from less than 50 to more than 75 billion euros.

4 responses to “Board Members Oppose Norbert Reithofer’s appointment as supervisor”

  1. Lawrence says:

    I would also oppose his appointment as a supervisory board member. Unfortunately, it is not objective to quote just how sales have increased. To genuinely see how the BMW Group has performed under his leadership, one must look in comparison with others. Under his leadership, the BMW Group as a premium car company and brand has diluted and are in a position to become less premium than it was before his time, under his leadership, BMW has lost significant market share to its competitors. Under his leadership, BMW Group has cut costs to an extent where product quality and reliability has suffered tremendously. Front wheel drive cars, cost cutting, pathetic product strategies with terrible niches, and bland and boring designs are his contribution to BMW’s weakening position in the market. Look at what this coming 7 Series looks like (he ordered for a conservative, boring approach). I have always wondered whether this person is an agent for other companies to destroy BMW. He would be better suited leading a company like VW.

    • Max says:

      HAHA you really dont know anything about this industry.And you allways prove this in your stupid comments…

      • Lawrence says:

        Let’s see who is stupid when BMW loses the leader position in the premium market to VW Group’s Audi. Ironic isn’t it, considering the fact that Audis resemble VW cars so closely and with a product quality gap that used to be significant.

        Here another so called “stupid comment” for you: BMW will lose its leading position in the premium market (by volume) in the next 5 years because it WILLINGLY gave up the competitive advantages (both the brand and its products) that the employees and past management of BMW Group worked so hard to build over the past few decades that made BMW the leader in this market since 2005.

        It is extremely clear what has been done at this company over the past few years and every single one of the statements I made can be substantiated with a corresponding agreement by the current management member’s public statements, either directly or indirectly.

        We wait to see BMW being overtaken as the leader of this market, it won’t be a long wait and it will be a sad day indeed. All because the company went the wrong direction and failed to sustain a management stance that is required for this unique company. Yes share price and earnings are important and on paper it may seem like a great improvement since 2009. But keep those eyes of your on the market share, a true forward indicator of success and a predictor of future company performance – it is looking terrible there.

    • Icebreaker says:

      lawrence you are stupid

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