Allianz Boss Steps Down

In a surprise announcement, Henning Schulte-Noelle, Chief Executive Officer of Europe’s biggest insurer Allianz is to give up his job at the end of April 2003 and is likely to join the supervisory board of the company. Schulte-Noelle’s successor will be Michael Diekmann, who is currently in charge of insurance business in North and South America as well as for world-wide Human Resources. Germany’s insurance giant said in a statement that the 60-year-old Schulte-Noelle is said to be the candidate for the 2003 periodically newly-constituted supervisory board.