BMW chairman to stay on board until 2016, source says
Former BMW CEO Joachim Milberg has been the automaker's chairman since 2004.
MUNICH (Reuters) -- BMW Chairman Joachim Milberg will remain in his post until 2016, despite reaching the age of 70 in April, a source familiar with the matter told Reuters.
The Reuters report said that the automaker will make an exception to its internal age requirement for supervisory board members so that Milberg can be succeeded by current BMW CEO Norbert Reithofer when the chief executive's contract ends in 2016.
At that time Reithofer, who is Milberg's former assistant at Munich Technical University, will be 60, which is company's age limit for management board members.
The world's largest premium carmaker wants to ensure a smooth transition in 2016, which is when BMW will celebrate its 100th anniversary.
Germany's Manager Magazin on Wednesday cited BMW board sources as saying that the Quandt family, which owns nearly half the shares in BMW, has agreed to support a further candidacy of Milberg -- despite the company's age rule -- when shareholders attend May's annual general meeting in Munich.
A company spokesman declined to comment when contacted by Automotive News Europe on Thursday.
Milberg took over as CEO of BMW in 1999 following the departure of CEO Bernd Pischetsrieder and his top deputy, Wolfgang Reitzle. Pischetsrieder quit over a conflict on what BMW should do with its trouble Rover unit. Reitzle resigned after he was passed over to replace Pischetsrieder.
Milberg is best known for selling Rover Cars to the Phoenix Venture Holding in May 2000 and Land Rover to Ford a month later. As board member for manufacturing from 1993 to 1999, he set up BMW's global production network.
Milberg stepped down as chief executive in May 2002 to join the supervisory board and was elected as its chairman in May 2004.
Automotive News Europe contributed to this reportContact Automotive News