(Bloomberg) -- BMW AG’s former Chief Financial Officer Nicolas Peter is set to replace Norbert Reithofer as chairman next year, in a move meant to ensure continuity at the luxury-car maker.
The German manufacturer’s supervisory board will nominate Peter, 62, for the board and the role at the next annual general meeting that’s scheduled for May 14, BMW said Tuesday.
The move suggests BMW is looking for an experienced executive to oversee the company as it navigates challenges including weak EV sales in Europe and rising competition in China, where local automakers led by BYD Co. are taking over. BMW’s main measure of profitability fell to the lowest in more than four years in the third quarter due to a costly recall and the issues in China.
Peter, who was BMW’s finance chief from 2017 until May 2023 and at one point oversaw the company’s Brilliance joint venture in China, currently sits on the board of forklift maker Kion Group AG. Reithofer, 68, won’t stand for reelection after two terms in the post and reaching the board’s age limit.
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