FRANKFURT, Germany (AP) — BMW CEO Norbert Reithofer has turned over the post to successor Harald Krueger, leaving with a warning that the Chinese market that has boosted the company's profits may be slowing down.
Reithofer cautioned that the Chinese economy was "losing momentum" and said the company was planning to cope with a "normalization" of a market that shows signs of cooling after years of strong growth.
He spoke Wednesday at the company's shareholder meeting in Munich.
The meeting marked Reithofer's planned handoff to production chief Krueger, who faces the task of keeping BMW AG on top as the world's No. 1 seller of luxury cars ahead of German rivals Audi and Mercedes-Benz.
Reithofer was elected to serve as chairman of the board of directors, replacing Joachim Milberg, who stepped down.