BMW CEO Harald Krueger to step down

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CEO of the German car manufacturer BMW, Harald Krueger, attends the earnings press conference in Munich, Germany, Wednesday, March 20, 2019. (AP Photo/Matthias Schrader)

FRANKFURT, Germany (AP) – BMW says CEO Harald Krueger is stepping down and that the company’s board will meet later this month to discuss a successor.

Friday’s news comes after BMW lost money on its automotive business in the first quarter of the year after the company was hit by a 1.4 billion euro ($1.6 billion) charge for an anti-trust case and by higher upfront costs for new technology.

A company news release quoted Krueger as saying he would like to pursue “new professional endeavors.”

Krueger’s contract was due to expire in 2020.

(Copyright 2019 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

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