BMW Names Reithofer As New CEO

BERLIN — BMW AG on Thursday named production chief Norbert Reithofer to succeed chief executive Helmut Panke, rejuvenating its leadership after a run of success.

Reithofer, 50, will replace Panke on Sept. 1 as part of a management reshuffle at the luxury carmaker.

The announcement puts an end to speculation about Munich-based BMW's future management. Panke, who has been CEO since 2002, turns 60 in August, the limit for top executives under company rules.

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ZORADUNTOV - 7/21/2006 11:17:21 AM

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