The BMW Group has announced that Harald Krüger will step down as chairman and CEO at the end of April 2020.

In a statement released on Friday, the Munich-based firm said Krüger “gave notice today that he will not seek a second term of office”.

“The chairman of the supervisory board, Dr Norbert Reithofer, has complete respect and understanding for his decision,” the statement said, adding the supervisory board would “address the matter of a successor” during its next meeting on 18 July 2019.

“The BMW Group has been my professional home for more than 27 years. After more than ten years in the board of management, more than four of which as the CEO of the BMW Group, I would like to pursue new professional endeavours and leverage my diverse international experience for new projects and ventures,” said Krüger, who stepped into the role in May 2015.

“Over the last years, the automotive industry has been shaped by enormous changes, which have brought about more transformation than in the previous 30 years. This has demanded tremendous efforts from every employee within the company. For their outstanding commitment, I would like to personally thank each and every one of them.

“It has always been a true honour for me to work with this tremendous team and to set the BMW Group on a path towards a successful future during the most significant transformation of this industry,” he added.

The news comes after a report in May 2019 suggested Krüger's job was hanging in the balance.