Joachim Milberg will continue to sit as the Chairman of BMW until 2016, a source privy with the matter told Reuters. Milberg, who will be 70 years old in April 2013, will remain at his post, as the carmaker is expected to make an exception to its internal age requirement for supervisory board members to give way to the succession of BMW chief executive Norbert Reithofer as its chairman in 2016.
Reithofer’s contract as BMW CEO is set to end in 2016 when he will reach the age of 60, the carmaker’s age limit for management board members. BMW is eyeing a smooth power transition in 2016, when the carmaker will celebrate its 100th anniversary. According to Manager Magazin, citing BMW board sources, the Quandt family, which holds almost half the shares in the carmaker, has agreed to support a further candidacy of Milberg when the company holds its annual shareholders’ meeting in Munich in May 2013.
Milberg became BMW’s chief executive in 1999, after the exit of CEO Bernd Pischetsrieder and his second-in-command, Wolfgang Reitzle. Pischetsrieder quit BMW following a dispute over what the carmaker should do with its troubled Rover unit. Reitzle, on the other hand, quit after he was passed over to replace Pischetsrieder.
Milberg was responsible for selling Rover Cars to the Phoenix Venture Holding in May 2000 and Land Rover to Ford in June 2000. He was also responsible for setting up BMW’s global production network as board member for manufacturing from 1993 to 1999. Milberg then quit as chief executive in May 2002 to join the supervisory board and was elected as its chairman in May 2004.