BMW announces appointment of Oliver Zipse as CEO

BMW names new boss as it looks to speed up electric transition

BMW names new boss as it looks to speed up electric transition

BMW board chairman Norbert Reithofer, who was Krueger's predecessor as CEO, said that Zipse "will provide the BMW Group with fresh momentum in shaping the mobility of the future".

BMW lost 310 million euros on its automotive business in the first quarter after the company was hit by a 1.4 billion euro charge for an anti-trust case and by higher upfront costs for new technology. He will begin duties on August 16, reports the online edition of the with reference to the Correspondent.

BMW production chief Oliver Zipse will take over as CEO in August, as the company moves towards electric technology.

He joined the company in 1991, has held a number of senior positions.

BMW installed a new boss after 53-year-old Harald Krueger said he would not be available for a second term as CEO, pre-empting a discussion about whether was eligible for a contract renewal.

Duesmann and Senger were poached by Volkswagen (VW) CEO Herbert Diess, himself a former BMW board member responsible for research who defected in 2015 to implement a bold 80 billion euros electric vehicle strategy at rival VW. Also the top Manager is accused of being too slow transfer of the model range of electricity. The company gained an early edge in battery cars with its i3 city auto in 2013, but was slow to follow up with more battery models, choosing to emphasise battery-internal combustion hybrids while California upstart Tesla seized market share in premium battery cars.

With a career in BMW spanning all the way back to 1994, Oliver Zipse is by no means a newcomer.

"A CEO needs to have an idea for how mobility will evolve in future".

Krüger's departure comes following four years at the helm. The millennials are much more focused on these things.

Germany's Auto Motor und Sport vehicle magazine, normally quick to champion new cars presented by Germany's premium manufacturers, this week ran a cover story questioning whether BMW had lost its edge.

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. This article is strictly for informational purposes only.

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