Johanna Quandt, at 89; matriarch of family that controls BMW

The death of Johanna Maria Quandt, head of the family which has a controlling stake in BMW, will not affect the family’s shareholding in the German carmaker, a spokesman said.

A spokesman for her foundation said that Johanna Quandt passed away peacefully on Monday, German time, at the age of 89, in the town of Bad Homburg, outside of Frankfurt. Together with her children Stefan Quandt and Susanne Klatten, she inherited substantial stakes in the company.

The Quandt family holds a large stake in luxury auto maker BMW AG, The Wall Street Journal reported.

Harald Krüger, Chairman of the Board of Management, also paid tribute to her work: “Johanna Quandt worked on behalf of the BMW Group for more than 50 years, bringing enthusiasm and passion to the company”. She established the family as a powerful, if discreet, force in the company, which is based in Munich. Her husband had passed away in 1982.

Johanna Quandt, widow of BMW “savior” Herbert Quandt and one of the richest women in the world, has died. Herbert would go on to save BMW from bankruptcy in 1959, according to Forbes.

Ms. Quandt was a member of the BMW supervisory board from 1982 to 1997, most of that time as a deputy chairwoman. The automaker had produced aircraft engines during the German war effort (an urban legend claims that BMW’s symbol is a stylized representation of a spinning aircraft propeller), and with World War II a distant memory, BMW was on the brink of collapse. Johanna Quandt’s net worth of $11.5 billion ranked 98th in the Bloomberg Billionaires Index and eighth within Germany. Known for fiercely protecting her privacy, Johanna Quandt setup an eponymously-titled foundation in 1995 to administer to her wealth. Johanna Quandt, who rarely spoke to the media while supporting journalists through her foundation, remained on the company’s supervisory board until she stepped down in 1997.