STORY: BMW has a new CEO.
The German auto giant's supervisory board announced Tuesday (December 9) Milan Nedeljkovic will take over from May next year.
He'll replace current head Oliver Zipse, who will resign before Nedeljkovic takes charge.
BMW said Nedeljkovic is 56 year-old and currently head of production.
It added he's worked with the carmaker for more than 30 years.
BMW is gearing up to launch a new range of models in a competitive market.
Nedeljkovic will head a carmaker fighting against tough competition from China and high U.S. tariffs.
Those challenges saw the luxury carmaker cut its earnings forecast for the year in October.
It is also betting on the first model from the all-electric "Neue Klasse" series to drive growth next year.
