BMW Chief Surprise Will Step Down in May

AP reported that BMW chief executive Joachim Milberg plans to step down next May after more than three years as the head of the German car maker. The automaker said Tuesday that Milberg, 58, will be replaced by current chief financial officer Helmut Panke, 55, at the company's annual meeting in May 2002. The move will come almost a year before Milberg reaches BMW's traditional retirement age of 60 -- forestalling any debate about his exit. Milberg turns 60 on April 10, 2003. "Now that BMW is in a very strong position, it is the best time to initiate this change," said company spokesman Uwe Mahla. "This way, we can avoid all the speculation about his successor. This can put a lot of uncertainty on a company." Volker Doppelfeld, chairman of the company's supervisory board, said the move was "a personal decision" by Milberg, adding that under him the company had enjoyed "the most successful period in its history." BMW said that the board will propose that Milberg be given a seat on the board after he leaves as chief executive.