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Allianz to reshuffle board for succession plan: paper
FRANKFURT (Reuters) - Allianz (ALVG.DE) will reshuffle responsibilities among top board members as part of a succession planning process to eventually replace current Chief Executive Michael Diekmann, Financial Times Deutschland said in an advance copy of its Monday edition.
An Allianz spokesman on Sunday declined to comment on the article, saying the insurer never comments on "speculation."
Oliver Baete currently Chief Financial officer and board member responsible for controlling and risk, will trade responsibilities with Dieter Wemmer, board member responsible for overseeing insurance operations Western and Southern Europe, FTD said citing industry sources.
The move will give Baete responsibility for managing a region, a prerequisite for any potential CEO candidate, FTD said.
Baete, Wemmer and Markus Riess, head of the Allianz Deutschland AG unit, are seen as potential successors to Diekmann, FTD said.
The reshuffle is seen as a long-term succession planning move since Diekmann, aged 57, is not close to stepping down. Diekmann could step down in 2015, FTD said.
(Reporting By Edward Taylor; Editing by Diane Craft)
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