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)