According to two persons that talked to Reuters under condition of anonymity, BMW AG’s supervisory board has scheduled a top-level meeting today to strategize top-level appointments and discuss the German carmaker’s future development.
The largest luxury automaker in the world just lost one of its most important members of the management board – development chief Herbert Diess, who was hired by German rival Volkswagen AG to become the new chairman of the core passenger car brand since October 1, 2015. The sources, who declined to be named because of the sensitivity of the proceedings, added that the 20-member supervisory board also needs to discuss the future of current Chief Executive Norbert Reithofer’s contract. His appointment at the head of the automaker is due to expire in 2016, which means the members now need to decide whether to extend his contract further or replace him with a new person – in time for the company’s centenary anniversary due that same year.
It is yet unclear if the decisions about personnel appointments and changes would be reached today, but the most probable scenario leans towards a negative outcome, since normally the timetable for deliberating succession needs at least a year before a board member’s contract expires.