BMW may hire new, younger bosses to drive company’s future: Reports | business | Hindustan Times
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BMW may hire new, younger bosses to drive company’s future: Reports

BMW chief executive Harald Krueger also wants to install a new purchasing chief and other executive changes are possible, with the supervisory board due to decide by the end of the summer, the magazine said.

business Updated: May 26, 2016 20:33 IST
BMW
BMW top boss Krueger also wants to install a new purchasing chief and other executive changes are possible, with the supervisory board due to decide by the end of the summer, the magazine said.(AFP file photo)

BMW chief executive Harald Krueger is building a younger management team to drive the German carmaker into the future, as appointments of new finance and purchasing chiefs are likely, a monthly magazine reported on Thursday.

Krueger, a 50-year-old who took over a year ago from Norbert Reithofer, wants to replace finance chief Friedrich Eichiner with Nicolas Peter, unidentified company sources told Germany’s Manager Magazin.

BMW declined to comment.

Krueger also wants to install a new purchasing chief and other executive changes are possible, with the supervisory board due to decide by the end of the summer, the magazine said.

Earlier this month, BMW reported lower quarterly operating profit, hit by adverse currency moves and pressure on the prices of limousines as drivers in the United States in particular switch to sport-utility vehicles (SUVs).

Peter, 54, is currently head of sales in Europe. Eichiner will turn 62 shortly before the 2017 annual shareholders meeting. He had already extended his contract beyond the firm’s usual age limit of 60 for management board executives.

Purchasing head Klaus Draeger, 59, is also leaving due to his age, but a decision has not yet been taken on his successor, although a favourite is Markus Duesmann, the magazine said.