BMW has appointed a new CFO as the German luxury carmaker 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 on 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, Renault and Stellantis 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. “Compared to other automaker results, it’s not that exciting.”
The shares dropped 1.9% by 2.17pm local time. The stock is still up about 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 and Mercedes. Luxury carmakers 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 €3.5bn (R68.8bn) 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 be 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.
More stories like this are available on bloomberg.com
BMW names new CFO as earnings underwhelm relative to rivals
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BMW has appointed a new CFO as the German luxury carmaker 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 on 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, Renault and Stellantis 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. “Compared to other automaker results, it’s not that exciting.”
The shares dropped 1.9% by 2.17pm local time. The stock is still up about 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 and Mercedes. Luxury carmakers 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 €3.5bn (R68.8bn) 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 be 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.
More stories like this are available on bloomberg.com
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