BMW Names Krueger as New CEO

BMW AG has selected 49-year-old Harald Krueger, currently its head of production, to replace Norbert Reithofer as CEO and head of the board of management as part of a "generational change" in top leadership.

Reithofer, 58, will become chairman of the supervisory board, succeeding Joachim Milberg, 71. Milberg will continue to oversee BMW's corporate social responsibility and charitable activities worldwide. Both appointments will take effect at BMW's shareholder meeting on May 13.

Milberg chaired BMW's management board between 1999 and 2002 and the supervisory board since 2004. He says the realignment is a first step in recognizing a "fundamental shift" in the auto industry that demands new leaders who can find fresh solutions to future mobility needs.

Separately, BMW named Klaus Froelich, 54, to take over leadership of the company's small and midsize product line. He succeeds Herbert Diess, who has left the company to head Volkswagen Group's VW brand in October.