Allianz CEO to step down

Allianz’s chief executive officer (CEO) Michael Diekmann will step down next year following his request not to extend his appointment beyond the retirement age limit.

Diekmann will remain chairman of the board until the next annual general meeting, scheduled for May 6, 2015.

Oliver Bäte, who is currently responsible for global property and casualty, will succeed him on May 7, 2015.

Clement Booth, a member of the board of management, will also step down from the board. Gary Bhojwani’s board mandate will end by December 31 of this year.

Sergio Balbinot has been appointed as a member of the board of management of Allianz for four years starting January 1, 2015. Balbinot will take over responsibility for the insurance business in the countries of western and southern Europe.

Dr. Axel Theis has also been appointed as a member for four years. He will be in charge of the global industrial insurance business, credit insurance and the insurance business in Ireland and Great Britain. In May, he will also take over responsibility for global property and casualty from Bäte.

Dr. Helmut Perlet, the chairman of the supervisory board of Allianz SE, said: “Allianz owes gratitude to Gary Bhojwani, Clement Booth and, particularly, Michael Diekmann. Due to the excellent work of Michael Diekmann and his Board colleagues, Allianz is very well positioned today. As CEO Michael Diekmann decisively shaped and developed the company. He successfully steered Allianz through the financial crisis. We have asked him to be available for election to the Supervisory Board of Allianz SE at the AGM 2017 so that Allianz can continue to benefit from his skills and experience.”