Word: milberg
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...Lawrence Mondi, Megan Rutherford, Sribala Subramanian Art: Jane Frey (Senior Associate Director); James Elsis (Associate Director); Nomi Silverman (Assistant Art Director); Victoria Nightingale (Designer) Photography: Julia Richer (Associate Editor); Eleanor Taylor, Karen Zakrison (Assistant Editors) Makeup: Eugene F. Coyle (Chief); Alison E. Ruffley, Leonard Schulman Administration: Helga Halaki, Barbara Milberg...
HELMUT PANKE Car Guy The ultimate driving machine soon will have a new master. Panke, 55, was named CEO of BMW after Joachim Milberg announced he would retire in May 2002. Panke, now the CFO, has been with BMW for 19 years; in the 1990s, he was head of U.S. operations. He plans to retain BMW's strategy of staying small--and profitable--unlike larger, ailing competitors such as Ford...
...announced a plan to expand their selection to 76 models from 70. They expect to sell 200,000 units, up from 189,423, and increase their share of the luxury-car market. "I cannot recall ever having seen such a clear correlation between size and success," BMW chairman Joachim Milberg wryly told a Detroit audience. "At the moment, it seems the greater the size, the more the problems...
...depth and persistence. Two years ago, the company floundered when its attempt to get big--the 1994 takeover of Britain's Rover--went awry. That cost the company $3.9 billion and prompted a flurry of talk that BMW would be bought by Ford or GM or Toyota. But since Milberg emerged as chairman in 1999, the company has stayed ahead of the luxury pack. Although most of its 21 factories are in Europe, BMW built a new plant in Spartanburg, S.C., which now exports the company's popular X5 SUV to 100 countries. Aiming to develop technologies such as alternative...
...Milberg, like top executives at Honda and Fiat, contends that the best way to stay ahead is to rely on partnerships rather than mergers. Schrempp disagrees, telling TIME editors that "consolidation in the industry is far from over." He may be right. But investors around the world are placing wagers on these two visions. And right now, most of the betting...