BMW's former Chief Financial Officer Michael Ganal has died after a "severe illness," the carmaker said Monday. He was 54.
Ganal, who died overnight Thursday to Friday, joined BMW AG in 1986. He was appointed a member of the board of management in Oct. 2000 and made responsible for sales and marketing. Since Oct. 2007, he had been in charge of the finance division as CFO.
"The news of Dr. Ganal's death has painfully torn apart our great hopes that he would be able to recover from his severe illness and resume his position on the board of management," Joachim Milberg, the chairman of the supervisory board, said in a statement.
"We are losing not only an outstanding leader and a strong personality, but also, and in particular, a man who in recent years has contributed decisively to the success and culture of our company."
On Tuesday, BMW said it had appointed Friedrich Eichiner as chief financial officer, taking over from Ganal, who was to remain on the board.
The 53-year-old Eichiner has led the corporate and brand development division at Munich-based BMW since late 2007 and has also managed the finance division while Ganal was absent due to the illness.
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