BMW will be getting a new CEO in May 2015, a year ahead of schedule, when current CEO Norbert Reithofer will step down to make way for the brand’s current production chief Harald Krueger, who has been with the company for over 20 years.

Reithofer has run BMW since 2006, and will succeed Joachim Milberg as chairman of the supervisory board. Milberg will take a leading role in the group’s worldwide CSR activities and charitable foundations.

The brand also announced that it was appointing a new development head – Klaus Frohlich, who was most recently in charge of the Small and Mid-sized Series Product Line. He will replace Herbert Diess, who has left to head Volkswagen passenger cars.