Oliver Zipse, 55, will occupy the position since August 16, following Krueger's official retirement the day before. "He will provide the BMW Group with fresh momentum in shaping the mobility of the future", said Norbert Reithofer, chairman of the supervisory board of BMW AG.
BMW's supervisory board discussed succession at its USA plant in Spartanburg, South Carolina, after 53-year-old Harald Krueger said he would not be available for a second term, pre-empting a decision about whether he would have his contract extended.More news: Priyanka Chopra's Lavish 5-Tier Birthday Cake Was 'As Big As Her'
Mr Zipse has been.
Krueger, who had been criticised for not steering the group quickly enough towards electric technology, said earlier this month he would not seek another term when his current office runs out next April.
Zipse emerged as favorite because he helped expand BMW's efficient production network in Hungary, China and the United States, in a move that has delivered industry-leading profit margins despite the company's relatively small scale.More news: Xiaomi Black Shark 2 Pro launching in China on July 30
BMW had an early lead in premium electric vehicles but scaled back its ambitions after the boxy-looking battery-powered i3 failed to attract buyers, allowing Tesla to overtake BMW in electric auto sales with its more technologically advanced electric offerings. He began his career in the company in 1991 as a trainee and has since held various management positions, including acting as managing director of Plant Oxford and senior vice-president for corporate planning and product strategy.
BMW lost 310 million euros on its automotive business in the first quarter after the company was hit by a 1.4 billion euro charge for an anti-trust case and by higher upfront costs for new technology.
Of those, more than half will be all-electric while the remainder will be hybrids, BMW said.More news: Did DOJ Save Trump In Stormy Daniels Case?
The German automaker announced that it will meet its target of marketing 25 electrified vehicle models by 2023, two yeas ahead of schedule.