Those close to BMW say they aren’t surprised to learn that Joachim Milberg intends to step down in May as chairman of the parent company’s board of management, a year earlier than anticipated. Milberg found himself thrust into the role in February 1999 after then-chairman Bernd Pischetsrieder was pushed out in a boardroom coup for failing to revive Britain’s Rover Cars, which he campaigned to buy. Though Milberg has enjoyed the respect of the Quandt family, which holds controlling ...

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