BERLIN, July 5 (Xinhua) -- Harald Krueger, chief executive officer (CEO) of BMW AG, will "not seek a second term of office" and will resign as CEO in April 2020, the German premium car manufacturer announced on Friday.
"After more than ten years in the Board of Management, more than four of which as the CEO of the BMW Group, I would like to pursue new professional endeavors," explained Krueger.
Norbert Reithofer, chairman of BMW's Supervisory Board, said he has "complete respect and understanding" for Krueger's decision and further plans.
The company did not yet appoint a successor to Krueger. BMW's Supervisory Board is set to address "the matter of a successor" during its next meeting on July 18, the company said.
According to German media reports, Klaus Froehlich, currently head of BMW's development department, or production chief Oliver Zipse might succeed Krueger as CEO of the Bavarian carmaker.
Investors on the stock market were unfazed by Krueger's announcement. Shares of the German carmaker decreased slightly by 0.5 percent on Friday afternoon local time.
