BMW names new Chairman

BMW has appointed Dr. Norbert Reithofer to replace Dr. Helmut Panke as Chairman on September 1, 2006. BMW has a long-standing mandatory retirement policy that specifies no Chairman should be over the age of 60. Panke reaches that milestone this year. Reithofer previously oversaw production at the automaker since March 2000. He joined the company in 1987.