MUNICH (dpa-AFX) - The carmaker BMW is surprisingly replacing its chief financial officer. Walter Mertl (49) is to take over from current incumbent Nicolas Peter (60) in May, the DAX-listed group announced Thursday. Peter will retire after the annual general meeting on May 11, the Munich-based company said. Peter has been a member of the board since 2017 and has been with the group for more than three decades. Mertl has headed BMW's Group Controlling division in recent years and has been with the company since 1998.

"Walter Mertl has demonstrated his high level of technical expertise as well as leadership skills for more than two decades in various management functions in the BMW Group's Finance and Sales departments," said Norbert Reithofer, Chairman of the Supervisory Board. "The company owes great progress in its transformation to Nicolas Peter - while focusing on its long-term profitability."/men/jha/.