The usually restrained family that controls BMW, the largest luxury automaker in the world, broke its traditional public silence in an endorsement to its company’s easy transition at the top management level.
The comments made by Stefan Quandt, a member of the clan that has control over close to 47 percent of the Bavarian automaker, come at a time when Volkswagen Ag, the second largest automaker in the world and the biggest in Europe, is assessing the damage made by the recent leadership crisis. Then, long-running chairman Ferdinand Piech had to resign after unsuccessfully trying to oust chief executive officer Martin Winterkorn. On the other hand, the seamless management transition at BMW could signal the major woes faced by the influential German company, also the parent company of BMW close following rival Audi AG. “We have set the course for the future and are very happy about a successful generational change at the top of the company,” Quandt told BMW shareholder in Munich, commenting the recent takeover of Harald Krueger as chief executive of the automaker as of Wednesday.
The occasion also marks the first ever instance that he spoke at an annual general meeting and was a gesture of faith designed to showcase the level of support the company management should expect from the controlling clan. Krueger will have to face the tremendous challenge of delivering the outstanding performance BMW has been accustomed to since taking over global leadership in terms of sales back in 2005, especially as both Audi and Mercedes-Benz have increased their pace in a bid to surpass the Munich-based company before the decade’s end.