BMW's CEO to Step Down following Narrow Profit

German car manufacturer BMW is about to select a new CEO following the accelerated growth of electric vehicles in the global automobile sector.

After four years in office, current CEO Harald Krueger, who served BMW for almost three decades, will depart the company.

In the meantime, the company's board is expected to choose a successor during their meeting this month.

"Over the past years, the automotive industry has been shaped by enormous changes, which have brought about more transformation than in the previous 30 years," Krueger said.

He also praised the employees for their efforts, noting that he is leaving to 'pursue new professional endeavors.'

BMW has been faced by new challenges, presented in the company's profit, which narrowed in the first quarter after its automotive pision reported a loss and an expected penalty.

Last month, BMW said in a statement that it plans to present 25 electric models by 2023, adding that it expects sales of e-vehicles to double by 2021.

[caption id="attachment_63410" align="alignnone" width="1920"] BMW electric cars[/caption]

Professor at the Birmingham Business School David Bailey said that car-maker is obliged to direct all its Research and development (R&D) strategies towards new innovative technologies.

"Krueger has done a very good job in recent years, but BMW faces some very big challenges going ahead. They felt they needed to bring in somebody new given the scale of the challenge," Bailey added.

Competitors BMW and Daimler-Benz have announced earlier that they would establish a strategic alliance, which will focus on electronic and autonomous driving.

In addition, both car-makers will invest around $1 billion in a new joint-venture to improve services including sharing rides and electric cars charging systems.

So far, BMW has taken careful steps toward fully electric cars, rather than plug-in hybrids.