Reithofer steps down from BMW Group after 38 years
The announcement was made at BMW AG’s 105th Annual General Meeting, where senior executives and shareholders paid tribute to his long-standing contribution.
Dr Norbert Reithofer, chairman of the supervisory board of BMW AG since 2015, has stepped down from his role, marking the end of a 38-year tenure with the company.
The announcement was made at BMW AG’s 105th Annual General Meeting, where senior executives and shareholders paid tribute to his long-standing contribution.
Reithofer said: “After 38 years, it is time for me to say goodbye to the BMW Group. It has been an honour to be a part of this exceptional company.
“Together, we have overcome tremendous challenges and celebrated unparalleled successes.
“I firmly believe that the BMW Group will continue to follow its own, unique BMW path.”
Reithofer joined the company in 1987 and rose through the ranks to become chairman of the board of management in 2006, before moving to his role as Supervisory Board Chair in 2015.
During his leadership, he introduced Strategy ‘Number ONE’, led BMW through the 2008/09 Global Financial Crisis, and established the BMW i electric mobility brand.
He also oversaw the company’s global expansion, particularly in China, and placed sustainability at the core of its strategic objectives.
Stefan Quandt, deputy chairman of the supervisory board, said: “It is truly the end of an era. On behalf of my family and all our shareholders, I would like to thank you for your outstanding entrepreneurial achievements.”
Oliver Zipse, chairman of the board of management of BMW AG, added: “Dr. Reithofer is a major architect of the BMW Group’s success today.
“His efforts will continue to shape the course of the company well beyond the end of his tenure.”
In a move aimed at ensuring continuity, the Supervisory Board proposed Dr Nicolas Peter as Reithofer’s successor.
Dr Peter previously served as BMW AG’s Board Member for Finance from 2017 to 2023 and has held a number of senior roles within the company.
Having stepped down in May 2023, he has now completed the required two-year cooling-off period under the German Corporate Governance Code.
BMW AG thanked Dr Reithofer for his visionary leadership and pioneering contributions, recognising his role in shaping the company’s present and future direction.
