BMW to offer CEO a 5 year contract extension

A German newspaper named Frankfurter Allgemeine Zeitung reported that BMW’s supervisory board is offering CEO Norbert Reithofer a five-year extension for his contract as BMW boss. If Reithofer accepts, he will stay as CEO of BMW until September 2016. He will be 60 years old at that time, just in time for retirement.

The extension of Reithofer’s contract was highly expected due to his excellent management of BMW during the 2009 market plunge and maintained the company’s independence. He had to do some extreme measures like reducing employees, cutting back on lease deals that were too risky, and focusing on the emerging Chinese market. All of these efforts have resulted to the strong position BMW is maintaining today.

BMW has not yet released a statement about Reithofer’s contract extension.

Source: Autonews