BMW Group has appointed a new chief financial officer as the German premium automaker spends billions of euros on the shift toward electric cars.
Walter Mertl, 49, will succeed Nicolas Peter, 60, who is stepping down after reaching the company’s usual age limit for executive board members.
The change takes affect in May.
Mertl has held managerial positions in finance, sales and controlling in Germany and the UK, BMW said Thursday.
Mertl, who joined BMW in 1998, will oversee the company’s finances as BMW develops a new EV platform to challenge Tesla and Mercedes-Benz.
Premium automakers have long defied economic headwinds thanks to robust demand for their most expensive models, with BMW navigating semiconductor shortages better than its rivals.
Manufacturers are now facing a weakening outlook particularly in Europe, where high energy prices stoke inflation.
BMW’s earnings before interest and tax rose to 3.5 billion euros ($3.7 billion) in the fourth quarter.
Peter, who will turn 61 next month, has been instrumental in helping the company navigate supply snarls better than its rivals. He has held the CFO post since January 2017 and has worked at BMW for more than 30 years.