from Bloomberg
BMW CEO Harald Krueger will not make himself available for a contract extension after 2020, pre-empting deliberations about whether to give him another 5-year term at the automaker.
“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 last week.
Krueger, 53, has led BMW since 2015, after becoming the youngest CEO of a major carmaker at the time.
“For more than 27 years, BMW has been my professional home,” Krueger said in the statement. “After four years as CEO, I want to seek new challenges and apply my extensive international experience in new tasks and projects.”
After leading the luxury competition for a decade, BMW’s momentum petered out under Krueger’s tenure. It lost the global lead to Mercedes-Benz in 2016 and has since struggled to regain the top spot with cautious model redesigns. Since last year, weaker global markets and trade tensions have shrunk profits.
The supervisory board will discuss his succession at a meeting on July 18, BMW said.
