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After having chaired the German brand for four years, Harald Krueger leaves his position as CEO of BMW. He will not be seeking an extension of his contract as of April 2020 and the board will meet to discuss his successor 's search on July 18th. In the meantime, Krueger will remain in office until a successor is appointed. According to AP News, Krueger would be under fire for losing BMW's lead in the luxury car market and for not capitalizing on an anticipated start of the UN lux.
Over the last four years, Krueger has served in the worst BMW era. The company succumbed, losing its lead in the luxury segment to Mercedes-Benz, and failed to break through in terms of electric propulsion, stand-alone technology, emissions technology and a global economy changing.
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Earlier this year, BMW was fined 1.4 billion euros in an antitrust case that allowed the automaker to collaborate with other automakers to set prices for certain technologies and delay the release of cleaner technologies. It is likely that this was taken into account in the Krueger decision, as it contributed to the BMW cars displaying a red T1 2019, saved only by the profits of BMW Financial and BMW Motorrad. Meanwhile, even without counting the fine, the company posted its lowest profit since the recession of 2008.
A plan was recently announced for BMW to reduce costs by $ 13.6 billion, including removing some models from its ever-expanding lineup and ending an international racing program.
In any case, the last four years have not been good for Krueger.
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