BAYERISCHE MOTOREN WERKE - Steps taken to initiate a generational change at the head of the Board of Management and Supervisory Board with effect from the Annual General Meeting in May 2015
- Harald Krüger to become new Chairman of the Board of Management
- Dr. Norbert Reithofer put forward to succeed Prof. Joachim Milberg as Chairman of the Supervisory Board
- Klaus Fröhlich newly appointed to Board of Management with responsibility for development
At its meeting today, the Supervisory Board of Bayerische Motoren Werke Aktiengesellschaft appointed Harald Krüger as the new Chairman of the Board of Management with effect from the end of the Annual General Meeting on 13 May 2015. Harald Krüger has been a member of the Board of Management since 1 December 2008 and is currently responsible for production.
At the same meeting, the Supervisory Board - in agreement with the Nomination Committee and shareholders holding in aggregate more than 25 percent of the voting rights in Bayerische Motoren Werke Aktiengesellschaft - requested Dr. Norbert Reithofer, the current Chairman of the Board of Management, to stand for election to the Supervisory Board at the 2015 Annual General Meeting. For this reason, the Supervisory Board has given its approval for Dr. Reithofer to finish his term of office on the Board of Management early with effect from the end of the 2015 Annual General Meeting.
Moreover, the Supervisory Board under the current leadership of Prof. Joachim Milberg expressed its support for the proposal for Dr. Norbert Reithofer - subject to his election to the Supervisory Board - to be elected as Chairman of the Supervisory Board after the 2015 Annual General Meeting, in a move that would also represent a generational change at the head of this body.
At the same time, the Chairman of the Supervisory Board, Prof. Milberg, stated his intention to step down as a member of the Supervisory Board with effect from the end of the Annual General Meeting on 13 May 2015. At that stage, he will take on a leading role in the BMW Group's worldwide ctivities relating to corporate social responsibility and charitable
foundations.
Klaus Fröhlich is the new member to the Board of Management with esponsibility for development with immediate effect. This appointment was lso decided at today's meeting of the Supervisory Board. Klaus Fröhlich as been with the BMW Group since 1987, during which time he has carried ut various executive management functions. Most recently, Klaus Fröhlich as in charge of small and medium-sized model series. His predecessor on the board, Dr. Herbert Diess, has left the company of his own volition.
To the ad hoc announcement (PDF, 166 KB).
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