BMW Names New Chairman

December 11, 2001

Sacramento - Reluctantly, BMW's supervisory board has had to accept the resignation of Herr Professor Joachim Milberg as chairman of the German automaker. Milberg will retire next May, one year prior to his contract expiration and apparently for personal reasons. The management board at BMW has praised Milberg for the job he has done in leading the company back into solid financial health.

Milberg will be replaced by Dr. Helmut Panke, a member of the BMW board since 1996. Panke has also served as Milberg's right-hand man and there is no change expected in the strategy of the automaker that is introducing more new models in the luxo class faster than anyone else.