FRANKFURT, Germany (AP) - BMW shook up its top leadership Tuesday, saying that CEO Norbert Reithofer would leave his post to become chairman of the board as part of "generational change" at the head of the German luxury automaker.
The end of Reithofer's tenure as CEO, combined with the departure of a key manager for rival Volkswagen, means significant turnover in the executive team at the Munich-based maker of the X5 sport utility and the 3-Series sedan.
Reithofer is to be replaced by chief production executive Harald Krueger.
has headed BMW
since 2006 and has seen it through steady profits, strong margins and expansion of its business in China.
The Munich-based company said in a statement that Reithofer will replace board chairman Joachim Milberg at the shareholder meeting on May 13.