Eichiner's contract was due to expire next year. His term has been extended until May 2017, the company said in a statement on Friday.

"We are delighted to extend our excellent working relationship with Dr. Eichiner as CFO," said Professor Joachim Milberg, Chairman of the Supervisory Board of BMW AG.

The move opens the door to extending Chief Executive Norbert Reithofer's contract beyond 2016. Reithofer's contract is not due to be deliberated by the supervisory board until next year.

(Reporting by Irene Preisinger, Edward Taylor; Editing by Kirsti Knolle)