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BMW to offer CEO contract extension, report says

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BMW to offer CEO contract extension, report says

Automotive News Europe -- September 28, 2010 06:01 CET

FRANKFURT (Reuters) -- BMW AG's supervisory board will offer chief executive Norbert Reithofer a five-year contract extension at a meeting on Wednesday, a German newspaper reported.

"Should everyone (on the board) get their wish, Reithofer would lead BMW until September 2016," Frankfurter Allgemeine Zeitung reported on Tuesday.

A contract extension has been widely expected after Reithofer steered BMW through the 2009 market plunge while retaining its prized independence, helped by job losses, cutting back on risky lease deals in the United States and boosting sales considerably in China.

In 2016, Reihofer will be 60, the age at which BMW managers would normally leave

BMW declined to comment.

Read more: http://www.autonews.com/apps/pbcs.dll/article?AID=/20100928/ANE/309279867/1317#ixzz10pwYsz3K

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BMW SET TO LOCK-IN CURRENT CEO THROUGH 2016

By Mark Kleis

BMW is a company steeped in tradition and strong leadership, and the German automaker appears poised to continue more of the same by locking in its current leader for another five years.

The decision to secure Norbert Reithofer via a five-year contract extension at a meeting later today is expected to take place pending unforeseen complications.

"Should everyone (on the board) get their wish, Reithofer would lead BMW until September 2016. The now 54 year-old would then be the age at which BMW managers would normally leave," said the newspaper Frankfurter Allgemeine Zeitung in a story due to appear in its Tuesday edition.

Reithofer is given credit for helping to keep BMW moving in the right direction despite the economics hardships facing the industry in late 2008 and 2009. The brand leader made tough calls to reduce unnecessary jobs, while also pulling back from riskier business decisions in the U.S., and of course expanding sales in the growing market of China.

link:

http://www.leftlanenews.com/bmw-set-to-lock-in-current-ceo-through-2016.html

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