BMW CEO Reithofer to move to chairman's job, production exec Krueger to take over

MarketsAssociated Press

Luxury automaker BMW says that CEO Norbert Reithofer will leave his post early to become chairman of the board.

The company said he would be replaced as CEO by BMW production executive Harald Krueger.

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It said the changes were "steps taken to initiate a generational change" in the CEO and chairman's jobs.

A statement from the Munich-based company said that Reithofer will replace board chairman Joachim Milberg at the shareholder meeting on May 13.