BMW matriarch Johanna Quandt passes away at 89

Johanna Quandt, the matriarch of the family that owns the largest share in Bayerische Motoren Werke AG (BMW), died at the age of 89 in Bad Homburg, Germany. According to an emailed statement from the Johanna Quandt Foundation, cause of death was not specified.

Quandt was the third wife of Herbert Quandt, a German businessman who was instrumental in not letting Daimler takeover BMW in 1959. After Herbert died in 1982, Johanna Quandt inherited a 16.7 percent stake in Munich-based BMW. Johanna Quandt was Deputy Chair of the Supervisory Board of BMW AG from 1986 to 1997 and member of the Supervisory Board from 1982 to 1997. Her net worth of $11.5 billion ranked 98th in the Bloomberg Billionaires Index and eighth within Germany. BMW has a market value of $65.3 billion.

Current Chairman of the Supervisory Board Norbert Reithofer paid a tribute to Johanna Quandt, “Johanna Quandt impressed those around her with her sincerity and her warm, straightforward manner. As member and Deputy Chair of the Supervisory Board, she was actively involved in the development of BMW AG over many years.”

Harald Krüger, Chairman of the Board of Management, also said,“Johanna Quandt worked on behalf of the BMW Group for more than 50 years, bringing enthusiasm and passion to the company. She gave the company support and security.”