Age 62 soon may be the new 60 for BMW's top executives, including CEO Norbert Reithofer.
The mandatory retirement age for members of the management board -- BMW's top executives -- is likely to be increased from 60 to 62, according to German newspaper Frankfurter Allgemeine Sonntagszeitung, which cited members of the company's supervisory board.
Reithofer's contract expires in 2016, when he turns 60. But the new rule would allow him and others to stick around longer.
In 2006, Reithofer replaced Helmut Panke, who ran BMW for only four years before turning 60.
Panke mounted a public campaign to stay chairman past his 60th birthday, but it failed. Against a backdrop of lackluster earnings growth, the Quandt family that controls BMW did not give Panke the retirement-age exemption he sought.
But it was also reported that Panke's campaign for a longer tenure annoyed the Quandts, who made sure he departed on schedule.