Joachim Milberg is stepping down from his position as chairman of the BMW board of management.

He will formally step down on May 16, 2002, the date of BMW's annual meeting, when he will take up a position on the company's supervisory board.

Board member Helmut Panke, currently responsible for financial affairs, has been appointed his successor.

Volker Doppelfeld, chairman of the supervisory board, said: "The personal decision taken by Prof Milberg comes in a time of successful reorientation of the BMW Group. Under his chairmanship, BMW is currently experiencing the most successful period in its history."

BMW board member Werner Sämann has also today announced his decision to retire at the end of the year. (December 4, 2001)