BMW CEO Krueger Won’t Seek Second Term

Harald Krueger, who took over as CEO at BMW AG in 2015, won’t seek another term because he wants to “pursue new professional endeavors.”

His current contract won’t expire until May 2020. But the carmaker’s supervisory board intends to meet on July 18 to discuss a successor. Krueger will continue as chairman of the management board until his replacement is selected.

A 27-year veteran, Krueger was serving as BMW’s head of production when he was chosen in November 2014 to replace Norbert Reithofer, currently chairman of the company’s supervisory board, effective May 2015.

Reports earlier this month suggested that some supervisory board members, unhappy with BMW’s sales performance, questioned whether Krueger’s appointment should be renewed. Those reports noted that Krueger has been dealing with a board that is sharply divided about business strategy.