Allianz unveiled a reshuffle of senior executives and board members on Thursday evening, saying that long-standing chief financial officer Dieter Wemmer will step down, while former chief executive Michael Diekmann returns to the group as chairman.
Germany’s biggest insurer said that 60-year-old Mr Wemmer would step down at the end of the year, having reached the age limit for members of its management board. He will be replaced by Giulio Terzariol, a 45-year-old Italian who has held various positions since joining the group in 1998, including CFO of Allianz’s US life insurance business.
Werner Zedelius, who is in charge of Allianz’s insurance business in Germany, Austria, Switzerland and central and eastern Europe, will also step down from the management board on age grounds. Niran Peiris, chief executive of Allianz Australia, will join the board, taking responsibility for global insurance lines, Russia and Anglophone markets.
At the same time, Allianz also said that it would propose Mr Diekmann, Herbert Hainer — former chief executive of Adidas — and Sophie Boissard, chief executive of France’s Korian Group, for election to its supervisory board at its annual general meeting in May.
Current chairman Helmut Perlet will not stand for reelection on age grounds and, if shareholders approve, will be replaced by Mr Diekmann, who stepped down as Allianz’s chief executive in May 2015.