[Brookside]

Helmut Panke

Helmut Panke Forced Out at BMW?
Speculation that BMW will withdraw CEO's contract.

BMW chief unlikely to get contract extension: press
Sat Jun 17, 2006 11:21am ET165

FRANKFURT (Reuters) - The head of German carmaker BMW is unlikely to have his contract extended past 2007, (German) industry magazine

Automobilwoche (Automobile Week) said in an advance copy of its next edition, released on Saturday.

Without naming specific sources, Automobilwoche said the indications were that BMW would stick to its normal practice that board members retire at 60.

Chief executive Helmut Panke turns 60 later this year but another media report said in May that his contract was set to be extended until 2010.

Automobilwoche said BMW's supervisory board would not discuss Panke's contract at the upcoming July meeting, and probably not until September.

A BMW spokesman said the company did not comment on speculation about staff matters.

He would be missed. 60 years old seems an arbitrary age to me...I thought 60 was the new 50. If this is true I wonder who's next at BMW?