BMW boss to quit early
BMW chief executive Joachim Milberg, who led the German car manufacturer out of its failed bid to revive Britain’s Rover, will give up his post next year to eliminate speculation about who will succeed him.
The top job will go to current chief financial officer Helmut Panke, 55, the company said at its Munich headquarters. Milberg will serve until the company’s annual meeting next May.
The move will see the 58-year-old hand over the post almost a year before he reaches BMW’s traditional retirement age of 60 - forestalling any debate about his exit. Milberg will be 60 on April 10, 2003.
‘‘Now that BMW is in a very strong position, it is the best time to initiate this change,’’ said company spokesman Uwe Mahla. ‘‘This way, we can avoid all the speculation about his successor. This can put a lot of uncertainty on a company.’’
Milberg, a former engineering professor who joined BMW in 1993, was something of a surprise choice as chief executive in February 1999, Mahla noted. ‘‘His life plan had not included being head of BMW.’’
Milberg took over from Bernd Pischetsrieder, who lost his job over the disastrous purchase of Rover. BMW sank some £2.9bn into Rover over six years in a failed attempt to return it to profit. BMW sold the company last year for a nominal £10.
