Report: BMW CEO Norbert Reithofer to get a contract extension through 2016

BMW AG’s supervisory board will offer its CEO Norbert Reithofer a five-year contract extension. The offer will be made at a meeting on Wednesday, according to Frankfurter Allgemeine Zeitung.

“Should everyone (on the board) get their wish, Reithofer would lead BMW until September 2016. The now 54 year-old would then be the age at which BMW managers would normally leave,” the paper said.

An extension to Reithofer’s contract has been expected after the CEO took BMW through the 2009 market plunge. Reithofer will be 60 in 2016, the age that most BMW managers normally leave the company.

– By: Omar Rana

Source: Reuters, Automotive News