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BMW chief executive to step down

12 April 2012

LUXURY car maker BMW said chief executive Joachim Milberg would step down at next year's annual general meeting and be replaced by chief financial officer Helmut Panke. The company said Milberg‘s decision was 'personal'.

Milberg took over as CEO in February 1999 after Bernd Pischetsrieder, now chief executive-designate of Volkswagen, was ousted after the fiasco over BMW's takeover of Rover.

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