BMW recently announced that it has assigned Harald Kruger as the company's new Chairman of the Board of Management. Kruger will succeed Dr. Norbert Reithofer who has been promoted to the Supervisory Board. If elected, Reithofer will be BMW Group's Chairman of the Supervisory Board. The new designations voting for the company's new Chairman of the Supervisory Board will take effect during the Annual Grand Meeting on May 13, 2015.

Prof. Joachim Milberg is the automaker's current Chairman of the Supervisory Board. Milber will step down from his position on May 13, 2015 as he will take a leading role on the BMW Group's worldwide CSR activities and charity work.

“With today's decision and recommendation for the positions of Chairman of the Board of Management and Chairman of the Supervisory Board, we have taken the first steps for a generational change, which combines the need for continuity and experience with the creative energy of the younger generation. We are convinced that this combination will be a decisive factor for the future success of the BMW Group – in the interests of customers, employees and shareholders alike,” said Stefan Quandt, Deputy Chairman of the Supervisory Board.

Forty-nine year-old Harald Kruger first joined BMW back in 1992 after finishing his degree in mechanical engineering. He has since then become a member of the board since December 1, 2008 and was assigned to Human Resources. On June 30, 2012, he was given the responsibility of handling MINI, Motorrad, Rolls-Royce and Aftersales BMW Group and on April 1, 2013, he governed BMW's Production.

Reithofer, age 58, first became a part of the company back in March 2000 as a member of the Board of Managment. He heading Production up until September 2006 when he became the Chairman of the Board of Management.

Seventy-One Milberg on the other hand has been with the company for over 20 years. He first joined the company back in 1993 as a board member responsible for Production. Then in February 1999, Milberg was given the position as Chairman of the Board of Management of BMW AG. In May 2002 he was elected to the Supervisory Board and then became its Chairman in May 2004. His post was extended last May 2013 by the Supervisory Board which will last until May 2015.