7/5, 2:42 PM (Source: TeleTrader)
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Zipse to be named new BMW CEO - report

Oliver Zipse, who leads BMW AG's production department, is most likely to become the company's next CEO, Frankfurter Allgemeine Zeitung reported on Friday. Zipse could be named at the next board meeting on July 18.

The 55-year old Zipse, who is a big backer of BMW’s expansions towards electro mobility, also took over from outgoing CEO Harald Krueger in the production department. German Handelsblatt suggested development boss Klaus Froehlich is also a strong candidate. However, BMW limits eligibility for upper management at 60 years of age and Froehlich is 59 years old.

BMW announced earlier in the day that Krueger will leave his post when his contract expires in 2020.

Breaking the News / VP