BMW's CEO Starts in Shadow of Predecessor's Shift to Chairman - Bloomberg
The first test facing BMW AG’s new chief executive officer will be to emerge from the shadows of the predecessor who will be watching over his shoulder as chairman. Norbert Reithofer’s probable shift to chairman from CEO on Wednesday without the recommended two-year break could make it harder for incoming CEO Harald Krueger -- at 49, the youngest chief of any major car manufacturer -- to break with his... While BMW sits atop the luxury-car market, the industry is changing, and the Munich-based manufacturer faces new competitors such as Tesla Motors Inc. “It’ll be his challenge to leave his stamp on BMW at a time that’s bringing far-reaching changes to the auto industry. The outgoing CEO told shareholders today in Munich that the economy in China, BMW’s biggest market, is “losing momentum. China’s slowing economy and a slump in profits from BMW’s Chinese joint venture during the first quarter will probably keep a lid on the company’s share price in the coming months, Kristina Church, a London-based analyst for Barclays Plc, said in... BMW said in January that cheap gasoline makes electric models even tougher to sell. Source: www.bloomberg.com
