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New CEO at Allianz

October 2, 2014

German insurance giant Allianz has announced a reshuffle at the helm of the company. Oliver Baete will become the firm's tenth chief executive when current CEO Michael Diekmann steps down in May.

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Oliver Bäte
Image: picture-alliance/dpa/Frank Leonhardt

Allianz board member Oliver Baete will take over as new chief executive in May when current CEO Michael Diekmann steps down after more than a decade in charge.

Allianz's supervisory board accepted Diekman's request not to remain CEO beyond the standard age limit of 60, the insurance company said Thursday. Diekmann has served as CEO since April 2013.

Baete, 49, will succeed Diekmann on May 7 through a contract that runs until September 2019. He will be the tenth CEO of the 125-year-old insurance company.

Taking over in tough times

Baete is currently responsible for the company's insurance business in large parts of western and southern Europe, as well as for its global property and casualty business. He joined Allianz from management consulting firm McKinsey & Co. in 2008.

Baete will be taking over the company during difficult times. Bill Gross, the company's most influencial bond manager, quit last week and joined competitor Janus Capital Group, causing stocks to dip.

The company is also currently being investigated by the U.S. Securities and Exchange Commission on suspicion of suspended accounts.

rs/hg (dpa/AP)