German carmaker has been working on shuffling its top line management to build a stronger brand network and initiate positive developments in the company's benefit. As part of changes, Herbert Diess, a top executive at BMW, has been given out the responsibility to take over as a Chairman of Volkswagen passenger car brand and take over the responsibilities from the existing Chief Executive Martin Winterkorn effective from 1st October, 2015.
Winterkorn is expected to continue as the CEO of the group who also owns other popular brands like Audi, Bentley, Buggati and Lamborghini. Another key person, Mr Reithofer had been nominated to succeed Joachim Milberg as supervisory board chairman, which would be effective post BMW’s annual meeting due to be held in next May. This was indeed a surprise as Mr Reithofer’s contract is due to end in 2016. But as company's policies have been changed and no longer requires senior executives to retire at 60, Mr Reithofer, aged 58, is likely to receive a contract extension.
Speaking more on the occasion Mr Milberg said, “The BMW group plans to maintain its leading role in the premium segment. To achieve this, we have to hand over responsibility to the next generation at an appropriate time.”
