BMW Group has appointed a brand new chief monetary officer because the German premium automaker spends billions of euros on the shift towards electrical automobiles.
Walter Mertl, 49, will succeed Nicolas Peter, 60, who’s stepping down after reaching the corporate’s typical age restrict for govt board members.
The change takes have an effect on in Could.
Mertl has held managerial positions in finance, gross sales and controlling in Germany and the UK, BMW stated Thursday.
Mertl, who joined BMW in 1998, will oversee the corporate’s funds as BMW develops a brand new EV platform to problem Tesla and Mercedes-Benz.
Premium automakers have lengthy defied financial headwinds because of sturdy demand for his or her most costly fashions, with BMW navigating semiconductor shortages higher than its rivals.
Producers are actually dealing with a weakening outlook notably in Europe, the place excessive power costs stoke inflation.
BMW’s earnings earlier than curiosity and tax rose to three.5 billion euros ($3.7 billion) within the fourth quarter.
Peter, who will flip 61 subsequent month, has been instrumental in serving to the corporate navigate provide snarls higher than its rivals. He has held the CFO submit since January 2017 and has labored at BMW for greater than 30 years.
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