BMW Group CEO Harald Krueger has announced his resignation, just four years after taking the top job.
In a statement released on Friday, Krueger said he was stepping down to “pursue new professional endeavors.”
Krueger's current contract expires in April 2020 after which it won't be renewed. He will remain CEO until BMW Group's board picks a successor, discussions on which are due to take place at the board's next meeting scheduled for July 18. Two potential candiates are R&D boss Klaus Froehlich and production boss Oliver Zipse.
Krueger has been with BMW Group for more than 27 years, though recent reports suggested growing dissatisfaction among key shareholders with his performance. In 2016, just a year into Krueger's reign, BMW Group ceded the luxury car sales crown to Mercedes-Benz. The automaker is hopeful of reclaiming the crown in 2020.
There has also been criticism that BMW Group failed to capitalize on its early lead in the EV segment with the i3. The electric hatch was introduced for 2014 and there hasn't been another EV from the automaker since then. The next will be the Mini Cooper S E Hardtop due out later this year. It will be followed in 2020 by the BMW iX3.