AutoBeta(AutoBeta.net)07/19 Report--

BMW Group announced today that Mr. Chipze will take up the post of Chairman of BMW Group from August 16, 2019. Mr Kruger proposed to the BMW supervisory board in early July that he would no longer seek re-election and that he would resign as chairman and resign from the board on August 15.

Chipze was born in 1964 and is 55 years old. He joined BMW Group as a trainee in R & D and production after graduating from Darmstadt University of Technology in 1991; in 2009, Chipze was promoted to Senior Vice President of BMW Group in charge of technical planning; in 2012, he was responsible for corporate planning and product strategy; in May 2015, he was promoted to head of production and joined the board of directors of BMW Group in the same year.

Rathoff, chairman of the supervisory board of BMW Group, said in the announcement: "Mr. Chipze acts decisively, thinks clearly and has a strategic vision." As the new chairman, he will give BMW Group a new impetus to lead the future travel. With innovative strength, strong brands and dedicated employees, BMW Group will continue to lead the future development of the luxury car market and continue to achieve long-term success. "

In May, BMW reported results for the first quarter of 2019, with profit before interest and tax of 589 million euros, down 78 per cent from a year earlier. At the recent Future Summit, BMW announced its accelerated electric vehicle strategy. By 2023, BMW will have 25 electric vehicles, two years ahead of schedule.

Under the downward pressure in the market, luxury car companies are suffering from global sales impediment. Around the four modernizations, many industry participants have re-established their corporate positioning and set out to look for new profit growth points. According to BMW tradition, the age of BMW CEO is no more than 60 years old. With the official departure of Kruger on April 30, 2020 and the arrival of a new "helmsman", it is up to the market and results to tell whether BMW can regain the "top spot".

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