BMW boss quits

Mr Yallouridis quit effective immediately during a president's meeting at BMW's global headquarters in Munich to the surprise of his own staff, who learned of it only this morning.

BMW spokesman Piers Scott could give no reason for Mr Yallouridis' departure, but stressed it was a resignation.  He admitted BMW Australia staff and dealers were taken unawares.

"It was a bit of bolt from the blue this morning," Mr Scott he says. "I wouldn't consider that uncommon in the instance of a managing director stepping aside; he is most likely to do that before the board before communicating it to the staff down here."

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Mr Yallouridis returns to Australia next week. The role will be filled temporarily by group finance director Peter Buchauer.

Guenther Seemann BMW Australia's former boss and now sales director of Asia, Pacific and South Africa, was flying to Melbourne to address staff, Mr Scott said

Mr Yallouridis, 49, had been in the job since March last year. The brand's first Australian-born managing director after a succession of Germans, he was born and raised in Melbourne, before moving to Greece where he was employed by Fiat and subsequently BMW.

BMW recruited him as MD for the Greek office in 2003 and, since then, sales of BMW cars, Minis and motorcycles had all shown substantial gain. The brand is tracking well this year in Australia, selling 15,016 cars and SUVs to the end of October, an increase of more then 100 on 2009.

BMW sales are up 1000 sales or 7.7 per cent this year but the overall market is up 13 per cent. Key German rivals Mercedes-Benz and Audi have both grown 18.6 per cent, increasing their market share.  However, BMW remains the leading luxury brand with 15,016 passenger cars and SUVs to the end of October.