BMW has announced Oliver Zipse will assume the role of Chairman of the Board of Management of BMW AG effective on 16 August 2019.

Zipse will succeed Harald Krüger, who informed the Chairman of the Supervisory Board at the beginning of July that he would not seek a second term of office. Krüger will resign as chairman and will leave the board of management by mutual agreement on 15 August 2019.

“With Oliver Zipse, a decisive strategic and analytical leader will assume the chair of the board of management of BMW AG. He will provide the BMW Group with fresh momentum in shaping the mobility of the future,” said Dr Nobert Reithofer, chairman of the supervisory board of BMW AG.

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Zipse, the designated chairman of the board of management, has been a member of the board of Management of BMW AG since 2015 and is currently responsible for the production division. He began his professional career in the company in 1991 as a trainee and has since held various management positions, including as managing director at Mini plant oxford and senior vice president corporate planning and product strategy.

Reithofer continued: “The supervisory board greatly respects the decision by Harald Krüger and today expressed our sincere appreciation for his many years of successful work within the BMW Group. On behalf of the entire company, we all wish him all the best in the future and hope that the BMW Group will always have a special meaning for him.”

The supervisory board of BMW AG is currently meeting at the plant location in Spartanburg, South Carolina, USA, to discuss current business developments in the US market as well as production at the biggest plant in the global production network of the BMW Group. Reithofer emphasised: “With its innovative strength, strong brands and dedicated employees, the BMW Group will build on its leadership role in the premium segment going forward and continue on its path to long-term success.”

Manfred Schoch, chairman of the global works council and deputy chairman of the supervisory board said: “The strong partnership between the workers’ council and corporate management has a long tradition and is the foundation of our success story. We look forward to continuing this cooperation and shaping the future of the company together.”

It is thought that Zipse in his role as CEO will be able push the company to meet its electrification targets. In June, BMW said it would accelerate the rollout of 25 electric or hybrid cars by two years, to 2023 from 2025. It also expects to double sales of electrified vehicles by 2021 compared with 2019.