BMW CEO Harald Krueger to quit

BMW CEO Harald Krueger has decided to quit two weeks before his contract was to come up for renewal. His contract expires at the end of April 2020 and he will not seek an extension.

The board of directors are said to meet on July 18, 2019 to decide a successor. Until a decision is taken, Krueger will continue to head the company.

According to media reports, Krueger had taken over from Norbert Reithofer at a time when BMW was outselling Mercedes-Benz and Audi. The carmaker is also said to be among the first to bring electric vehicles (EVs) to the market. Reports suggest that Krueger failed to capitalize on the first mover advantage BMW had in the EV space.

During his 4-year term, BMW lost its market lead in the luxury segment to Mercedes-Benz. In Q1 2019, the company was hit by a US$ 1.6 billion anti-trust case. Higher upfront costs for new technology reportedly resulted in further losses. The group as a whole was in profit due to the financial services and motorcycle divisions.