Norbert Reithofer, the CEO of BMW AG, just had his contract extended until September 2016. It would have expired in September 2011 but the main shareholder decided to demonstrate its support by offering a fresh five-year term.
Chairman Joachim Milberg said that with this step, continuity is secured for the years ahead. Reithofer, who has been CEO since 2006, is credited for leading a campaign that began in 2007 to increase BMW's flagging margins by cutting about 10,000 jobs and by forming alliances with rivals, including and PSA/Peugeot-Citroen SA
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