September 27, 2010 / 5:38 PM / 9 years ago

BMW to offer CEO contract extension to 2016 -paper

FRANKFURT, Sept 27 (Reuters) - German carmaker BMW’s (BMWG.DE) supervisory board will offer chief executive Norbert Reithofer a five-year contract extension at a meeting on Wednesday, the Frankfurter Allgemeine Zeitung reported.

“Should everyone (on the board) get their wish, Reithofer would lead BMW until September 2016. The now 54 year-old would then be the age at which BMW managers would normally leave,” the paper said in a story due to appear in its Tuesday edition.

A contract extension has been widely expected after Reithofer steered BMW through the 2009 market plunge while retaining its prized independence, helped by job losses, cutting back on risky lease deals in the United States and boosting sales considerably in China.

BMW declined to comment. (Reporting by Christiaan Hetzner; Additional reporting by Irene Preisinger; Editing by Dan Lalor)

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