BMW's Panke contract as CEO could be extended

[Imhotep Evil]

FRANKFURT (AFX) - Bayerische Motoren Werke AG may extend the contract of its chief executive Helmut Panke, company sources said according to an article to appear in tomorrow's Automobilwoche.

According to the sources, Panke's contract, which expires in May 2007, could be extended by the supervisory board as early as this spring.

'There are signs that the supervisory board is considering this,' the sources said.

Panke has been CEO of the luxury car maker since May 2002.

If the contract is extended, it would be against the company's internal regulation that dictates that board contracts expire the year after the member turns 60.

Panke will turn 60 on Aug 31 this year.

Potential successors to Panke would be management board member Norbert Reithofer or chief financial officer Stefan Krause.

http://www.forbes.com/home/feeds/afx/2006/03/12/afx2588599.html

Well they'll probably extend it.

 

[PanterroR]

Well they'll probably extend it.

I for one hope so! Mr. Panke,

 

[EnI]

They'll probably do it.

Goeschel contract also expands - I hope they will extend his contract too - despite he is over 60.

This BoM is working like a swiss clock - no need to change the members. Yet.

PS: BMW Finance chief Stefan Krause is seen as a most possible Panke's successor. Stefan Quandt & his sister Susane Klatten also favour him. As they did Milberg & Panke. So ... Guess who will be new BMW CEO in a few years.

 

[Imhotep Evil]

The latest news:

March 31, 2006

Berlin, Germany - Car assembly at two major DaimlerChrysler and BMW plants in Germany stopped for several hours on Thursday morning as workers attended rallies to demand more pay.

It was the second day of rolling strikes at German engineering companies called by the main industrial union, IG Metall.

The union is shutting down engineering businesses all over Germany for a few hours at a time as it presses a claim for a five-percent pay increase.

It said 50 000 unionised workers would stop work for parts of the day in two southern German states alone.

DaimlerChrysler lines at Sindelfingen, near Stuttgart, were stopped with the main BMW plant at Dingolfing near Munich

Engineering businesses all over Germany are being shut down for a few hours at a time
.

About 12 000 strikers attended a rally outside the DaimlerChrysler plant. The union said enough workers walked off the job at BMW to halt production at Dingolfing as well as at a BMW components plant in Landshut.

The employers have not made a formal offer but have indicated that an increase of 1.2 percent would be reasonable in view of the high labour costs in Germany.

IG Metall, which claims to represent 2.4-million workers, has threatened to a full-scale strike in April if no agreement is reached. - Sapa-DPA

What are they waiting for.

 

[Brookside]

When Panke retires-and I hope he won't right away-he can look back at his stewardship of BMW with a lot of pride. If you compare the ups and down of management at VW/Audi and Daimler-Chrysler, BMW is like the calm in the center of a storm. And I would suspect that the politics and intrigues are just as prevalent at BMW as in any large corporation.

 

[Merc1]

Yes they should keep all the key players on board to keep BMW on their current role. I wouldn't retire until I was of who my replacement was and that the person was of the same mind set as I for whats right for BMW.

M

 

[LaArtist]

check this out

BMW has been breaking a lot of company norms lately. Just recently, the company announced its first turbo motor in many years. Before that, it was revealed that the next M3 would have a V8 engine, instead of a traditional inline-configuration engine. And now, Chairman Helmut Panke has acknowledged that a BMW M7 might be a possibility, after all. The company has long said it wouldnt be possible to build a hotrod 7-Series and have it meet BMWs performance and handling standards. Youve seen the Alpina B7. Youve seen the G-Power G7. But an M7 would have to be different. In an interview with Auto Motor und Sport, Panke said BMW wouldnt just shoehorn a massive engine into the 7-Series. In other words, an M7 would not be BMW’s version of an AMG S-Class, but something even sportier. Panke also commented that his company is trying to decide how to follow up to the Z8, which was largely considered to be a flop.
........
Z8 flop?? hmm??

 

[Brookside]

Panke also commented that his company is trying to decide how to follow up to the Z8, which was largely considered to be a flop.
........
Z8 flop?? hmm??

Maybe in terms of sales...???...but I doubt they projected huge #'s considering the steep price.
I see 2 Z8's almost every week- the car has to be one of the most perfectly proportioned designs to ever hit the road. Just an absolutely gorgeous automobile. If BMW does build a car to replace it..I hope they come up with something that is iconic of BMW design - that looks back (without being retro) as well as into the future.

 

[LaArtist]

well i dont see many in sweden...they are super exclusive..
anyways i love that car..to me the best looking BMW EVER

 

[Deleted member 25]

Z8 is not a flop.

 

[Zafiro]

Z8 is a rare sight and it make the car very exclusive

 

[Merc1]

Well from a commercial standpoint the car didn't meet BMW sales expectations which is why it has been called a flop or something similar. I too think it was one of the best proportioned cars to ever hit the road. I'll never forget seeing a red one in a Tom Thumb (grocery store) parking lot with the top down.

M

 

[Zonda]

All this Z8 talk made me want to post a pic

 

[Giannis]

what a car... I have only seen one in my life, in a greek island. It was very impressive...

 

[Zonda]

I've only seen 3, whereas one was on the road. It's more sad than good

 

[EnI]

BMW CEO Panke could receive contract extension up to 2010 - report

05.14.2006, 10:48 AM

FRANKFURT (AFX) - Bayerische Motoren Werke AG (BMW) chief executive Helmut Panke could receive a contract extension up to 2010 this year, Spiegel magazine reported without saying where it obtained the information.
Panke's current contract expires in 2007.