May 26, 2016 / 2:33 PM / a year ago

BMW CEO poised to shake up top team: report

BERLIN (Reuters) - BMW (BMWG.DE) plans to appoint new finance and purchasing chiefs as Chief Executive Harald Krueger builds a younger management team to lead the German carmaker into the future, a monthly magazine reported on Thursday.

The BMW logo is seen on the wheel of a vehicle presented at the Auto China 2016 auto show in Beijing, China, April 29, 2016. REUTERS/Damir Sagolj

Krueger, a 50-year-old who took over a year ago from Norbert Reithofer, wants to replace finance chief Friedrich Eichiner with Nicolas Peter, unidentified company sources told Germany’s Manager Magazin.

BMW declined to comment.

Krueger also wants to install a new purchasing chief and other executive changes are possible, with the supervisory board due to decide by the end of the summer, the magazine said.

Earlier this month, BMW reported lower quarterly operating profit, hit by adverse currency moves and pressure on the prices of limousines as drivers in the United States in particular switch to sport-utility vehicles (SUVs).

Peter, 54, is currently head of sales in Europe. Eichiner will turn 62 shortly before the 2017 annual shareholders meeting. He had already extended his contract beyond the firm’s usual age limit of 60 for management board executives.

Purchasing head Klaus Draeger, 59, is also leaving due to his age, but a decision has not yet been taken on his successor, although a favorite is Markus Duesmann, the magazine said.

Reporting by Edward Taylor; Writing by Emma Thomasson; Editing by Mark POtter

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