July 8, 2019—BMW is seeking a new CEO since announcing Harald Krueger will step down after four years as CEO, reports WICZ.
Krueger has worked at BMW for nearly three decades. He thanked employees for their efforts in a statement bus said he was leaving to “pursue new professional endeavors.”
"Over the last years, the automotive industry has been shaped by enormous changes, which have brought about more transformation than in the previous 30 years," said Krueger.
The pace of change has presented huge new challenges for global carmakers, and BMW is no exception. The company's profit shrunk in the first quarter, in part because of an expected fine, and its automotive division posted a loss.
BMW last month set a goal of having 25 electrified models in 2023, two years ahead of schedule. It said it expects sales of electrified vehicles to double by 2021.
Yet the company has so far taken a cautious approach to fully electric cars, instead focusing on plug-in hybrids.
David Bailey, a professor at the Birmingham Business School, said that BMW needs to accelerate its move into new technologies.
"[Krueger has] done a very good job in recent years but BMW faces some very big challenges going ahead," said Bailey. "They felt the need to bring in somebody new given the scale of the challenge."
