Norbert Reithofer retires after 38 years.

One of the most important chapters in the history of the BMW Group is coming to an end. Dr. Norbert Reithofer, former Chairman of the Board of Management and Chairman of the Supervisory Board since 2015, stepped down from his position at the 105th Annual General Meeting of BMW AG after having been inextricably linked with the company for nearly four decades. He will be succeeded by Dr. Nicolas Peter, who was elected to the Supervisory Board at the Annual General Meeting and was subsequently appointed Chairman of the Supervisory Board.

Looking back at “tremendous challenges and unparalleled successes”

“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. I would like to thank all our associates, shareholders and stakeholders for your trust and support,” said Dr. Norbert Reithofer at the conclusion of his BMW career. “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.”

Various managerial positions within the company since 1987

Dr. Reithofer started out at BMW on 1st October 1987 as head of Maintenance Planning, then headed the Production division from March 2000. In September 2006, Dr. Reithofer was appointed Chairman of the Board of Management, taking over from Helmut Panke. In May 2015, he succeeded Joachim Milberg as Chairman of the Supervisory Board. The BMW Group’s success in recent decades is inseparable from his efforts, a fact that was reflected in the extensive tribute to Reithofer's achievements at the Annual General Meeting. BMW AG thanked him for his visionary leadership, his tireless commitment and his entrepreneurial, pioneering spirit.

Founder of “an era” and “key architect of today’s success”

Stefan Quandt, Deputy Chairman of the Supervisory Board of BMW AG honoured Reithofer’s outstanding service to the company: “On behalf of my family and all our shareholders, I would like to thank you for your outstanding entrepreneurial achievements, which have brought the company to the position it is in today. I can say with absolute conviction: It is truly the end of an era.” Oliver Zipse, Chairman of the Board of Management, emphasised Reithofer’s significance to the BMW Group as a whole: “Dr. Reithofer is a major architect of the BMW Group’s success today. During his time as Chairman of the Board of Management, he elevated all the company's relevant key figures to a new level. As Chairman of the Supervisory Board, he always served as a valuable source of momentum and guidance, supporting the work of the Board of Management in a constructive, critical and motivating way. His successful efforts will continue to shape the course of the company well beyond the end of his tenure.”

Far-reaching vision, international growth and electromobility

During his tenure as Chairman of the Board of Management, Dr. Reithofer paved the way for the company’s long-term success with Strategy “Number ONE”, which laid the foundation for the BMW Group’s international growth. Under his leadership, the company successfully navigated the 2008/09 global financial crisis, becoming the world’s leading premium manufacturer and continuing to expand its position. With far-reaching vision, Dr. Reithofer launched the BMW i electromobility brand, accelerated digitalisation and played a key role in driving international expansion, particularly in the growth market of China. He established sustainability and resource efficiency as key elements of the BMW Group's corporate strategy early on.

Supervisory Board sets course for continuity at the company

The Supervisory Board has set a course for continuity with the election of Dr. Nicolas Peter as new Chairman. At the Annual General Meeting, 86.21 percent of shareholders voted to appoint Dr. Peter to the Supervisory Board for a four-year term. Dr. Nicolas Peter served as the BMW AG Board of Management member responsible for the Finance division from January 2017 to May 2023. He has extensive experience in the automotive industry, combined with a wide range of management positions at the BMW Group. He has not held any position within BMW AG since 11th May 2023 and has therefore completed the two-year cooling-off period required by the German Corporate Governance Code.

Over three decades of BMW experience for Dr. Nicolas Peter

Nicolas Peter, who holds a doctorate in law, has made signification contributions to driving BMW Group strategy over the past three decades and has supported the far-reaching transformation of the company to e‑mobility and digitalisation. He joined the BMW Group in 1991, working in sales financing. He became Managing Director Finance and Administration at BMW France in 1999, before heading the Sales organisation in Sweden from 2002. He was Head of Sales Steering, Process Development and IT from 2005, moving to the position of Head of Group Controlling in 2007. He has headed the Europe sales region since October 2011, and as former Chairman of the Board of Directors of BMW Brilliance Automotive, he also has extensive experience in the Chinese market. He joined the Board of Management at BMW AG on 1st January 2017. During his cooling-off period, he was a member of two supervisory bodies outside the BMW Group: as a member of the Supervisory Board of KION GROUP AG, where he chairs the audit committee, and as a member of the Board of Directors of the listed company FORVIA SE (France). He was also a member of the Government Commission on the German Corporate Governance Code.