JULY 20, 2006
There has been a big shake-up at BMW with the announcement that the company's current boss Helmut Panke will retire on September 1. Burkhard Goeschel, the chairman of the Grand Prix Manufacturers' Association and head of BMW research and development, is also to retire with Klaus Draeger taking over in Munich. He will become the man responsible for the BMW's F1 activities.
Panke's job as chief executive will go to Norbert Reithofer, the head of production. The 50-year-old engineer is a surprise as the job was expected to go to the finance chief Stefan Krause.
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