German insurer Allianz on Thursday announced its intentions to implement a wide-ranging reshuffle of its boards. Shareholders will get to vote on a series of management changes at the insurer’s next annual general meeting in May.
Allianz’s long-standing chief financial officer, 60-year-old Dieter Wemmer, will step down at the end of the year, having reached the board’s designated age limit, the group said in a statement.
“With today’s appointments, we continue to internationalize the Allianz SE Board.”
He will be replaced by 45-year-old Giulio Terzariol, an Italian national who will assume his role at the start of 2018. Mr. Terzariol has been with Allianz for 19 years in various positions and most recently served as the chief financial officer of Allianz Life in the United States. His appointment to the board of management is limited until December 31, 2020.
“With today’s appointments, we continue to internationalize the Allianz SE Board,” Supervisory Board Chairman Helmut Perlet said in a statement.
The management board will see another member leave on age grounds – Werner Zedelius, currently in charge of Allianz’s insurance business in Germany, Austria, Switzerland and central and eastern Europe. He will be replaced by 55-year-old Niran Peiris, the current chief executive of Allianz Australia. Mr. Peiris will be responsible for global insurance lines, Russia and Anglophone markets.
Shareholders at the annual meeting on May 3 will also get to vote on a reshuffle of the supervisory board. In a move previously announced, the insurer proposes to reinstate former chief executive Michael Diekmann as the group’s chairman.
Mr. Diekmann will be joined by Herbert Hainer, the ex-CEO of Adidas, and Sophie Boissard, the chief executive of France’s Korian Group, as new supervisory board members.
Allianz’s current chairman, Mr. Perlet, will equally step down on age grounds.
Carsten Herz leads Handelsblatt’s asset management and insurance coverage and is based in Frankfurt. He was previously Handelsblatt’s London correspondent and reported on British and Irish corporations. To contact the author: firstname.lastname@example.org