BMW to announce new CEO replacement tomorrow

Bayerische Motoren Werke AG's supervisory board is to appoint its head of production, Norbert Reithofer, as the successor to group chief executive Helmut Panke tomorrow, sources said.

BMW has so far not made any announcements about the future of Panke, who turns 60 on Aug 31
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BM3W - 7/19/2006 11:30:33 AM

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The German media has reported that his contract is not expected to be renewed when it expires next year because the company's policy is for managers to retire at 60.