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BMW names new CEO, chairman and head of development

Big changes are afoot in the top ranks at BMW, as the Bavarian automaker has announced not just one, but several appointments in the top floors of its towering headquarters in Munich in what the company itself is referring as "a generational change" in its leadership. The biggest change relates to the chairman of BMW's management board – German-speak for the company's chief executive officer. Effective at the end of the company's Annual General Meeting on May 13, 2015, the company will be run by Harald Kruger. The 49-year-old mechanical engineer has been with BMW since 1992 and has sat on its board since 2008, and has until now been responsible for production for the entire BMW Group. The chairmanship of the board of management currently belongs to Dr. Norbert Reithofer, whom the management is endorsing to chair the supervisory board (which Americans might call the board of directors). That role in turn is currently held by Professor Joachim Milberg, who will step down from his position in order to make way for Reithofer to take his place. Milberg is earmarked to remain with the company to oversee its corporate social responsibility and charitable activities. BMW has also announced the appointment of Klaus Frohlich to serve as its head of development with immediate effect. In his new capacity, Frohlich replaces Dr. Herbert Diess, who in turn has left Munich to take over the Volkswagen passenger car division. Below you'll find statements from both BMW and VW on their new appointments. BMW Group takes steps to initiate a generational change at the head of the Board of Management and Supervisory Board 09.12.2014 - Harald Kruger to become Chairman of the Board of Management in May 2015 - Dr. Norbert Reithofer proposed to succeed as Chairman of the Supervisory Board - Prof. Joachim Milberg to take leading role in the BMW Group's worldwide CSR activities and charitable foundations - Klaus Frohlich appointed to Board of Management with responsibility for Development Munich . At its meeting today, the Supervisory Board of BMW AG took the first steps to initiate a generational change at the head of the company's Board of Management and Supervisory Board. Harald Kruger will become Chairman of the Board of Management effective the end of the Annual General Meeting on 13 May 2015. The current Chairman of the Board of Management, Dr. Norbert Reithofer, will be put forward for election to the Supervisory Board at the 2015 Annual General Meeting.

Small 3-row crossover SUVs specifications compared on paper

There's no shortage of three-row vehicles on the market for carrying seven or more people and their stuff wherever they all need to go. Just about every car company has at least one large crossover or traditional SUV with three rows of seats, and there are still plenty of minivans to pick from. But most of these vehicles are large, pricey, and frequently thirsty. Fortunately, there are still a handful of smaller crossovers that deliver 7-passenger capability in a smaller, cheaper package. We've gathered four of the small three-row set here to compare them based on space, power, fuel economy, pricing, and more. They include the very old Dodge Journey, the slightly less old Mitsubishi Outlander and Kia Sorento, and the relatively new Volkswagen Tiguan. You can see the raw numbers in the chart below, followed by a more detailed breakdown and some notes on how we like each of these vehicles. For in-depth opinions on the vehicles, be sure to check out our full reviews, and if you want to compare these with other vehicles, try out our comparison tools. Engines, transmissions and performance Interestingly, three of the four crossovers here utilize similar engines for their four-cylinder offerings. The Dodge, Kia and Mitsubishi all feature naturally aspirated 2.4-liter four-cylinder engines. Only the Volkswagen Tiguan chooses turbocharging and a smaller 2.0-liter displacement. But because of its turbocharger, the Tiguan's four-cylinder is easily the most potent, making a healthy 221 pound-feet of torque, which is more than 40 more than the Sorento, the crossover with the next most torque. The VW is also second-most powerful, just one horse behind the Sorento. The Outlander is the least powerful in the four-cylinder class. The Journey is only barely better, but it will probably feel as slow or worse thanks to its ancient 4-speed automatic. The four-cylinder Sorento and Outlander each have 6-speed automatic transmissions, and the VW has an 8-speed. The Sorento with a V6 has an 8-speed, too. View 17 Photos Moving up to the V6 class, the Outlander is once again at the bottom. It actually makes less torque than the turbo VW Tiguan. The Journey and Sorento are almost perfectly matched. The Journey makes a bit more torque; the Sorento makes a bit more power. The Journey also gets upgraded to a 6-speed automatic. Another powertrain consideration to bare in mind is whether all-wheel-drive is necessary.

VW has received several tentative bids for Ducati

Italy's Benetton family is vying with motorbike firms and buyout funds for control of Italian motorcycle brand Ducati, which is being sold by Germany's Volkswagen, sources involved in the process told Reuters. Volkswagen, whose Audi division controls Ducati, has received several tentative bids with the Benetton family's investment vehicle Edizione Holding valuing the Monster motorbike maker at $1.2 billion, one of the sources said. As well as Edizione Holding, U.S. buyout fund Bain Capital, which owns a stake in Ski-Doo snowmobiles maker BRB, and two Indian motorbike firms, Eicher Motors and Bajaj Auto, have also bid for Ducati, the sources said. Indian carmaker Eicher controls Royal Enfield, a motorcycle brand established in 1893 which ranks as one of the oldest. Strategic bidders also include U.S. automotive firm Polaris Industries, which earlier this year said it would wind down its struggling Victory Motorcycle brand. A shortlist of bidders for a second stage of the auction could be selected as soon as Saturday, two of the sources said. Volkswagen adviser Evercore has a long list of bidders including private equity funds such as Ducati's previous owner Investindustrial, CVC Capital Partners, Advent and PAI, all hoping to outbid industry players, the sources said. If it gets to the second round, Edizione Holding could seek to form a consortium with a financial investor, two of the sources said, in a bid to secure control of Ducati, whose racers have won the Superbike world championship 14 times, with Carl Fogarty and Troy Bayliss its most successful riders. Audi, Edizione Holding, Investindustrial, Advent and PAI declined to comment, while the other interested groups were not immediately available for comment. PRICING CHALLENGES For some buyout funds, Ducati's valuation of up to $1.4 billion – which sources said is based on a multiple of more than 10 times its core earnings of roughly 100 million euros – is a tall order as they lack the synergies that some motorbike makers could achieve. But Investindustrial founder Andrea Bonomi, who sold Ducati to Audi for about 860 million euros in 2012, is serious about a comeback, one of the sources said. China's Loncin Motor was among a group of industry players that initially showed interest in Ducati, alongside Harley-Davidson. The latter has, however, decided against making a bid due to Ducati's price tag, while it could not be established if Loncin Motor had carried on bidding.