BMW AG Chief Executive Officer Harald Krueger told the board he won’t seek a second term, which expires at the end of April 2020. The board of directors will meet to discuss the issue of a successor on July 18 and Krueger will remain in his job until a decision is made.

Harald’s decision comes in the wake of luxury automaker's weakest earnings performance in a decade.

"After more than ten years in the Board of Management, more than four of which as the CEO of the BMW Group, I would like to pursue new professional endeavors and leverage my diverse international experience for new projects and ventures,"  Krüger said in a statement.

The 53-year-old executive, who has led BMW since 2015, was the youngest CEO of a major carmaker. However, has faced growing criticism amid falling profits. It is speculated that production head Oliver Zipse is the front-runner to succeed him.

Chairman Norbert Reithofer, and Krueger’s predecessor, stated that BMW has complete respect and understanding for the decision. He added that the outgoing CEO “has demonstrated unwavering dedication to the BMW Group in all of the various positions he has held.”

BMW’s sales momentum also dwindled under Krueger’s tenure, and after a decade-long run, the luxury automaker lost the global lead in luxury cars to Daimler AG’s Mercedes-Benz in 2016. His leadership was further questioned after some board members raised doubts over his lack of aggression in introducing new electric vehicles.

Image Credits: The Wall Street Journal