BMW has named Milan Nedeljkovic as its new CEO, replacing Oliver Zipse in the role.
Nedeljkovic has been with the automaker for 30 years and is looking to compete with China and Tesla in the electric vehicle market as he steps into the top job, one of the leads for the new "Neue Klasse" BMW EV.
He will take over the position on May 14 next year, leaving his current role in charge of production, and the move has not come as a surprise, with Zipse already past the usual retirement age for the role.
"Milan Nedeljkovic convinces with his strategic foresight, strong implementation skills, and entrepreneurial thinking," said Dr Nicolas Peter, Chairman of the Supervisory Board of BMW AG.
"He stands for very focused management of resources…inspires people with ideas, unites them behind shared values, and thereby motivates them to realise peak performance."
