BMW has recruited a former DaimlerChrysler executive to head its financial services division, it reportedly said on Thursday.

Georg Bauer, 53, will replace Hagen Luederitz as division chief on October 1 and Luederitz will retire, Reuters reported.

Bauer, who spend 25 years at Daimler, reportedly last served as manangement board member at DaimlerChrysler Services, where he was responsible for most of the unit’s financial services business, its fleet management operations and its global insurance activities.

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