BMW CEO Harald Krüger has announced that he will not seek a second term in office, and will step down after four years at the helm of the German carmaker when his current term ends on April 30, 2020, or earlier.

“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.

For now, a successor has yet be named, but the board will convene on July 18, 2019 to decide who will replace Krüger. According to a Reuters report, three potential successors have been lined up, including head of production Oliver Zipse, chief financial officer Nicolas Peter and R&D board member Klaus Froehlich.

During Krüger’s tenure, which began on May 13, 2015, BMW put forward its Number One > Next strategy that saw the largest model roll-out in the its history. The strategy also includes a push towards electromobility, with plans for 25 new electrified models out by 2025.