Rolls-Royce CEO Torsten Müller-Ötvös set to retire after 14 years

Torsten Müller-Ötvös, chief executive officer of Rolls-Royce Motor Cars Ltd., will retire on 30 November after almost 14 years running the brand renowned for stately, expensive cars. His departure comes in line with BMW Group policies governing the retirement age of top-level executives, a spokesperson says. Chris Brownridge, the CEO of BMW UK, will succeed him on 1 December.

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"It took me two years to understand that this is not a car business," Müller-Ötvös said during a wide-ranging interview on 3 October. "The motivation for clients is not 'I need a car to move from A to B. We call it the badge of me: 'How can I generate something that carries my personal signature? Because, as a client, I'm not buying luxury off the shelf any longer.""

The debonair German, 63, rejuvenated the company that Charles Rolls and Henry Royce founded in 1906, growing sales by more than 500% since he joined in 2010. He implemented lucrative customization programs, introduced the brand's first SUV and electric vehicle, and reduced the average age of the Rolls-Royce owner from the late 50s to 43-the youngest average customer age of any BMW Group brand.

"Torsten's outstanding leadership, unswerving commitment, clear vision and exceptional ability to build a strong, focused team have helped make Rolls-Royce the world-class luxury brand it is today," BMW CEO Oliver Zipse said in a statement. "Rolls-Royce Motor Cars is a jewel in the crown of our organization."