BMW’s supervisory board chairman Joachim Milberg will remain in his post until 2016, despite reaching the age of 70 in April, according to Germany's Manager Magazin.

This could pave the way for a smooth transition at the head of its supervisory board in 2016 when the carmaker also celebrates its centenary.

Chief executive Norbert Reithofer's contract also expires that year, when he reaches the internal age limit for management board members of 60, allowing him to assume Milberg's position on the supervisory board, the publication speculated.

Manager Magazin cited board sources as saying that the Quandt family, which owns nearly half the shares in BMW, has agreed to support a further candidacy of Milberg, even though he will exceed the internal age limit for the supervisory board, at the shareholders' annual general meeting in May.

Milberg took over as CEO of BMW in the 1990s and is best known for carving up and selling Rover Cars to the British Phoenix consortium in 2000 and Land Rover to Ford.

He stepped down as chief executive in May 2002 to join the supervisory board.