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Allianz to extend CEO's contract as it seeks successor -magazine
February 19, 2014 / 2:56 PM / 4 years ago

Allianz to extend CEO's contract as it seeks successor -magazine

FRANKFURT, Feb 19 (Reuters) - Allianz, Europe’s biggest insurer, is poised to offer its 59-year-old CEO Michael Diekmann a two-year extension to his contract to smooth the way for a potential successor, a German magazine reported on Wednesday.

Markus Riess, the 48-year-old chief executive of the company’s Allianz Deutschland unit, will also be given a place on the group’s board, Manager magazine said without citing sources.

Allianz typically offers only one-year contract extensions to executives when they reach 60, but the magazine said that a two-year extension for Diekmann would give Riess and Allianz’s board member responsible for insurance in western and southern Europe, Oliver Baete, 48, a chance to raise their profiles as possible successors as group CEO.

One of two 59-year-old board members is expected to step down from the board to make room for Riess’s appointment, the magazine said - either Clement Booth, responsible for global insurance lines, or Manuel Bauer, responsible for emerging markets.

Allianz declined to comment on the magazine report. (Reporting by Jonathan Gould; Editing by David Goodman)

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