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BMW CEO to step down after disappointing business results

The news comes after BMW was hit by a $1.6 billion charge for an anti-trust case.
Credit: AP
The logo of German car manufacturer BMW is pictured on a BMW car prior to the earnings press conference in Munich, Germany, Wednesday, March 20, 2019. (AP Photo/Matthias Schrader)

FRANKFURT, Germany — BMW says CEO Harald Krueger is stepping down and that the company's board will meet later this month to discuss a successor.

Friday's news comes after BMW lost money on its automotive business in the first quarter of the year after the company was hit by a 1.4 billion euro ($1.6 billion) charge for an anti-trust case and by higher upfront costs for new technology.

A company news release quoted Krueger as saying he would like to pursue "new professional endeavors."

Krueger's contract was due to expire in 2020.