MUNICH Jan 16 BMW Chairman Joachim Milberg will remain in his post until 2016, despite reaching the age of 70 in April, a source familiar with the matter told Reuters on Wednesday.
The world's largest premium car maker could thereby pave the way for a smooth transition at the head of its supervisory board in 2016, when BMW will also celebrate its 100th anniversary.
Chief Executive Norbert Reithofer's contract expires that year, when he reaches the internal age limit for management board members of 60, allowing him to assume Milberg's position on the supervisory board.
Germany's Manager Magazin on Wednesday cited sources on the board as saying that the Quandt family, which owns nearly half the shares in BMW, has agreed to support a further candidacy of Milberg, even though he will exceed the internal age limit for the supervisory board when shareholders attend May's annual general meeting in Munich.
Milberg took over as CEO of BMW in a turbulent period in the 1990s and is best known for carving up and selling Rover Cars to the British Phoenix Consortium in May 2000 and Land Rover to Ford Motor Company a month later.
He stepped down as chief executive in May 2002 to join the supervisory board and was elected as its chairman in May 2004. (Reporting By Irene Preisinger; Editing by Maria Sheahan and David Goodman)