FILE PHOTO: Oliver Zipse, board member of German luxury carmaker BMW attends the company's annual news conference in Munich, Germany, March 20, 2019. REUTERS/Michael Dalder/File Photo

FRANKFURT (Reuters) - German luxury carmaker BMW BMWG.DE on Thursday named 55-year-old Oliver Zipse as its new chief executive, continuing a tradition of promoting a manufacturing expert to the top job.

“The Supervisory Board of BMW AG appointed at today’s meeting Oliver Zipse as the new Chairman of the Board of Management with effect from 16 August 2019,” the company said in a statement on Thursday.

BMW installed a new boss after 53-year-old Harald Krueger said he would not be available for a second term as CEO, pre-empting a discussion about whether was eligible for a contract renewal.