August 6, 2015 / 4:20 PM / 4 years ago

Allianz to cut management board to nine members

FRANKFURT, Aug 6 (Reuters) - German insurer Allianz on Thursday said it was cutting the size of its management board to nine members as part of a broader executive reshuffle at the group.

Manuel Bauer, the executive responsible for Insurance Growth Markets, who leaves at the end of August, will not be replaced.

As part of the reshuffle, the company said Chief Executive Oliver Baete will take over responsibility for human resources from Werner Zedelius.

As of September 1, 2015, Zedelius will become responsible for central and eastern Europe, Sergio Balbinot will take over responsibility for the Middle East, North Africa and India, and Axel Theis will be responsible for Australia. Maximilian Zimmerer will be responsible for Asia, the company said.

Allianz’s management board had 10 members. (Reporting by Edward Taylor. Editing by Jane Merriman)

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