In its latest meeting, BMW AG’s Supervisory Board designated Walter Mertl, aged 49, as the new Finance Board of Management member. He will replace Nicolas Peter, aged 60, who is set to retire after the Annual General Meeting on May 11, 2023. Nicolas Peter has been a member of the Board of Management since 2017 and has contributed significantly to the BMW Group’s growth by driving the company’s strategy, international expansion, and transformation towards e-mobility and digitalization throughout his 30-year tenure with the organization.

Mertl has been part of BMW Group since 1998 and has served various managerial roles in the Finance and Sales & Commercial departments in Germany and the UK. In his previous position, he oversaw central functions in Group Reporting, Corporate Accounting, and Corporate Controlling. Most recently, he was in charge of the entire BMW Group Corporate Controlling division.

“The BMW Group has been very fortunate to have such a strategic CFO with Nicolas Peter,” said Norbert Reithofer, Chairman of the Supervisory Board of BMW AG. “Over the past, highly volatile years, the company profited from his profound expertise and exceptionally sound judgement,” added Reithofer. “With more than two decades in various managerial positions in the Finance and Sales & Marketing divisions at the BMW Group, Walter Mertl has demonstrated comprehensive business expertise and leadership skills. For years, he has embodied the company’s commitment to sustainable profitability during the transformation. Mertl’s many previous managerial successes qualify him for the future role as member of the Board of Management responsible for Finance. The Supervisory Board is convinced that Walter Mertl will further enhance the company’s focus on financial strength,” said Norbert Reithofer on Thursday in Munich.

BMW AG also reported today on the financial figures for Year 2022. According to a press release, the BMW Group achieved its goals for 2022 and delivered a robust operational performance despite a challenging business environment. The luxury car manufacturer saw a substantial increase in Group EBT (€23,509 million/+46.4%) and net profit (€18,582 million/+49.1%) compared to the previous year. This positive outcome was due to improved pricing, positive product-mix effects, and the full integration of BMW Brilliance Automotive Ltd. (BBA), the Chinese joint venture. BBA also contributed a significant cash amount (€5,011 million) on February 11, 2022, leading to a substantially higher free cash flow of €11,071 million in the Automotive Segment.