BMW will seek to appoint a new CEO later this month after Harald Krueger said he did not want to extend his contract, pre-empting deliberations about whether to give him another five-year term at the helm.
“Harald Krueger today informed the Chairman of the Supervisory Board that he will not seek another term of office beyond his current term running until 30 April 2020,” BMW said.
The Munich-based carmaker said it will address the issue of CEO succession on July 18.
“The BMW Group has been my professional home for more than 27 years. After more than ten 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 and leverage my diverse international experience for new projects and ventures,” said Krüger.
“Over the last years, the automotive industry has been shaped by enormous changes, which have brought about more transformation than in the previous 30 years. This has demanded tremendous efforts from every employee within the company. For their outstanding commitment, I would like to personally thank each and every one of them. It has always been a true honour for me to work with this tremendous team and to set the BMW Group on a path towards a successful future during the most significant transformation of this industry.”
“Over the last quarter century, Harald Krüger has demonstrated unwavering dedication to the BMW Group in all of the various positions he has held. I would like to express my sincere gratitude for his great personal commitment. I have complete respect and understanding for his decision and for his further plans,” said Dr Norbert Reithofer, Chairman of the Supervisory Board of BMW AG.
Krueger, a former production chief, was installed as CEO designate in December 2014 and formally took office in May 2015 following the defection of Herbert Diess to rival Volkswagen.