Hunt for new CEO

BMW CEO Harold Krueger has quit days before a board meeting that was due to decide his future due to falling profits and catch with rivals in the race to develop electric vehicles.

Kruger will remain in post until a replacement is named as BMW is hunting frantically for a new CEO.

Klaus Frohlich, head of R&D and Oliver Zipse, head of production, are both earmarked as the strongest internal candidates to replace Mr Kruger who has been CEO since 2015.

BMW is looking to arrest the falling profit by  recruiting a new dynamic CEO and deal also deal with global trade war  while also catching up with rivals  that have surged ahead in areas of new vehicle technology.

Last week BMW  tried to counter sceptics by bringing forward its electrification plans  accelerating a rollout of 25 electric or hybrid cars to 2023. From 2025 and adding more battery powered models in its line up.

Mr Kruger told investors “ BMW is well prepared for the future” at an electric product demonstration at Munich  last month.

Yesterday Kruger said  “The BMW Group has been my professional home for over 27 years. After more than 10 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.”

 

BMW shares have lost about 35 per cent of their value during his tenure.