Allianz CEO likely to get two more years - Handelsblatt

Allianz (ALVG.DE) is set to extend the contract of its Chief Executive Michael Diekmann by two years as the German insurer seeks to soothe the turmoil over leadership change at its Pimco subsidiary, a German newspaper reported. Allianz's supervisory board will meet this week and likely give Diekmann a new two-year term, in a move that would disregard the insurance group's own age limit of 60 years for top executives, daily Handelsblatt cited company sources as saying. Allianz was not immediately reachable for comment. The insurer suffered a humiliating blow on Friday with the resignation of renowned investor Bill Gross as leader of Pimco, the asset manager Allianz relies on for one fourth of its operating profit.



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