BMW CEO to step down after disappointing business results

Photo: AFP

BMW says CEO Harald Krueger is stepping down and that the company's board will meet later this month to discuss a successor.

Friday's news comes after BMW lost money on its automotive business in the first quarter of the year after the company was hit by a 1.4 billion euro ($1.6 billion) charge for an anti-trust case and by higher upfront costs for new technology.

A company news release quoted Krueger as saying he would like to pursue "new professional endeavors."

Krueger's contract was due to expire in 2020.

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