BMW CEO Harold Krueger stepping down

German car maker BMW said on Friday that chief executive officer Harold Krueger is stepping down after more than four years in the job.

BMW said Krueger has given notice that he will not seek a second term of office. The matter of his successor will now be discussed at a company meeting on 18 July. Krueger will remain chairman of the board of management until a decision has been made.

Krueger, who has been at the company for more than 27 years, said he was leaving "to pursue new professional endeavours and leverage my diverse international experience for new projects and ventures".

Norbert Reithofer, chairman of the supervisory board, said: "Over the last quarter century, Harald Krueger has demonstrated unwavering dedication to the BMW Group in all of the various positions he has held.

"I would like to express my sincere gratitude for his great personal commitment. I have complete respect and understanding for his decision and for his further plans."

At 1450 BST, the shares were down 0.4% at €66.85.