BMW (BMWYY) on Friday unveiled plans to begin looking for a new CEO following a decision by its current CEO, Harald Krueger, to not extend his contract for another five-year term.

The Munich-based carmaker said that Krueger, 53, had informed executives of his decision not to seek another term of office beyond his current term running until April 30, 2020.

"After more than 10 years in the board of management, more than four of which as the CEO of the BMW Group, I would like to pursue new professional endeavours and leverage my diverse international experience for new projects and ventures," Krueger said in a statement.

BMW shares were marked 0.52% lower by mid-day trading in Frankfurt to change hands at €66.7 each, a move that extends its year-to-date decline to around 5.5%.

BMW has faced criticism under Krueger's leadership - more notably for the company losing its title of best-selling luxury carmaking brand to Mercedes-Benz in 2016, and for its decision to not mass-produce carbon-fibre based electric cars at a time when other zero-emission vehicles made by Tesla (TSLA) - Get Report were gaining traction.

BMW said it will address the issue of CEO succession on July 18. Production Chief Oliver Zipse, Chief Financial Officer Nicolas Peter and R&D board member Klaus Froehlich are seen as potential successors, according to reports.