The boss of Rolls-Royce Motor Cars has announced he will retire next month after nearly 14 years at the helm of the luxury car giant.
Torsten Muller-Otvos will step down at the end of November and be replaced by the current chief executive of carmaker BMW UK, Chris Brownridge.
He joined the company in 2010, meaning he will be the longest-serving chief executive since Claude Johnson, who combined the Charles Rolls and Henry Royce brands together back in 1904.
Mr Muller-Otvos said it had been the “greatest privilege and pleasure” of his professional life to lead Rolls-Royce for more than a decade.
“To have grown the company and its world-class people to the position it is in today, at the pinnacle of the luxury industry, has been a remarkable adventure,” he said.
“I am proud of the role my exceptional team and I have played in contributing significantly to the UK economy and to the global recognition of Britain’s ability to produce the world’s best luxury products.”
During his time in charge, the company has expanded its production from 1,000 cars in 2009 to more than 6,000 in 2022.
It introduced three new Rolls-Royce models, including the first ever SUV produced by the luxury brand and is bringing in its first electric car later this year.
The price of one of the company’s cars also doubled during Mr Muller-Otvos’s time at the helm, from around 250,000 euros in 2010 (£216,000 at today’s exchange rate) to 500,000 euros.
The average age of its customers has fallen from 56 to 43 in the same period.
Incoming chief executive Chris Brownridge has spent nearly 30 years with BMW Group, having started as a graduate in 1995.
He said: “I’m both honoured and humbled by my new appointment.
“To be invited to lead this great British brand, at such a pivotal moment in its long and remarkable story, is an extraordinary privilege.”