BMW's long-time CEO to step down

Munich - BMW's long-time CEO, Norbert Reithofer, will step down next year and be replaced by board member Harald Krueger, the German luxury carmaker confirmed on Tuesday.

The management change will take effect during the company's general assembly in May, the company announced during a meeting of its supervisory board in Munich.

Reithofer, who has been at the helm of the company since 2006, will remain as head of its supervisory board. BMW achieved unprecedented successes under his leadership, with car sales this year set to surpass 2 million for the first time.

There had been media speculation about the future of Reithofer, whose contract was initially set to last until 2016. It emerged in November that he would be joining Siemens' supervisory board next year.