(CNN) — BMW is seeking a new leader as it works to find its place in a global auto sector disrupted by the rapid rise of electric vehicles.
The luxury car company announced Friday that Harald Krueger is standing down after four years as CEO. The company's board will address the matter of succession during a meeting next week.
Krueger has worked at the German carmaker for nearly three decades. He thanked employees for their efforts in a statement but said he was leaving to "pursue new professional endeavors."
"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," said Krueger.
The pace of change has presented new huge challenges for global carmakers, and BMW is no exception. The company's profit shrunk in the first quarter, and its automotive division posted a loss.
BMW and Daimler, which compete hard in the luxury market, announced earlier this year that they would form a strategic partnership focused on highly-automated and autonomous driving.
The companies are also investing $1 billion in a new venture to develop services including ride-sharing and charging systems for electric cars.
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