BMW has selected Milan Nedeljković to succeed Oliver Zipse as its new CEO, with the handover scheduled in May next year.

Nedeljković, who currently oversees the production division, has been appointed CEO under a contract that runs until 2031.

The 56‑year‑old, who was born in Serbia, has been with BMW since 1993.

He joined the company as a trainee and has since held a series of roles across different sites in Germany and at the manufacturer’s plant in Oxford.

He entered the group’s management board in 2019.

BMW Supervisory Board chairman Nicolas Peter said: "Milan Nedeljković convinces with his strategic foresight, strong implementation skills, and entrepreneurial thinking. He stands for very focused management of resources - whether financial or ecological.

"Milan Nedeljković inspires people with ideas, unites them behind shared values, and thereby motivates them to realise peak performance. This is a crucial leadership quality to maintain the BMW Group’s successful course in this time of transformation."

Zipse, 61, will step down on 13 May 2026, coinciding with the date planned for BMW’s 2026 annual general meeting.

His term had previously been prolonged beyond the group’s standard retirement age, with a mandate running to 2026.

Peter said: "Oliver Zipse has made a significant contribution to the BMW Group and deserves our sincere gratitude. He has led BMW through global crises such as the Covid-19 pandemic and represents the Neue Klasse as the largest strategic project in the company’s history.

"Oliver Zipse has always prioritised BMW’s success. He consistently took a clear stance - even in the face of great external headwinds - and thus kept the company on track during turbulent times."