BERLIN (Reuters) – BMW (ETR:)’s former finance chief Nicolas Peter has been tapped to lead the German auto group’s supervisory board, succeeding Norbert Reithofer, the Handelsblatt newspaper reported on Wednesday, citing company sources.

Peter is to replace Reithofer at the annual general meeting in May, with the supervisory board expected to recommend the change at a meeting next week, according to the report, which said major shareholder Stefan Quandt and employee representatives had already agreed on the matter.

BMW did not immediately respond to a Reuters request for comment. Handelsblatt said the company declined to comment on personnel matters.