BMW AG appointed a new chief financial officer as the German luxury-car maker spends billions of euros on shifting to electric cars.
(Bloomberg) — BMW AG appointed a new chief financial officer as the German luxury-car maker spends billions of euros on shifting to electric cars.
Walter Mertl, 49, will in May succeed Nicolas Peter, 60, who is stepping down after reaching the company’s usual age limit for executive board members. Mertl has held managerial positions in finance, sales and controlling in Germany and the UK, BMW said Thursday.
The manufacturer also reported fourth-quarter earnings that underwhelmed analysts compared to the better-than-expected results of some of its peers. Mercedes-Benz AG, Renault SA and Stellantis NV have comfortably beat earnings expectations in recent weeks on high prices and orders they accumulated during the height of the supply-chain crisis.
BMW’s automotive margin came in “a tad below consensus,” Bloomberg Intelligence analyst Michael Dean said by phone. “Compared to other automaker results, it’s not that exciting.”
The shares declined 1.9% as of 2:17 p.m. local time. The stock still is up around 19% this year.
Mertl, who joined BMW in 1998, will oversee the company’s finances as BMW is developing a new electric-vehicle platform to challenge Tesla Inc. and Mercedes. Luxury-car makers 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 ($3.7 billion) in the fourth quarter. The company proposed a dividend of €8.50 per common share, after €5.80 for the 2021 fiscal year.
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.
(Updates with CFO change from first paragraph.)
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