Allianz is set to increase the agreement of its chief
government Michael Diekmann by means of two years as the German insurer seeks
to assuage the turmoil over leadership alternate at its Pimco subsidiary, a
German newspaper suggested.
Allianz’s supervisory board will meet this week and probably
supply Diekmann a new two-year time period, in a circulate that could brush
aside the coverage organization’s personal age limit of 60 years for top
executives, every day Handelsblatt noted organisation resources as announcing.
Allianz changed into no longer immediately available for
remark.
The insurer suffered a humiliating blow on Friday with the
resignation of famend investor bill Gross as leader of Pimco, the asset
supervisor Allianz is predicated on for one fourth of its running income.
The brand new turmoil forms a difficult backdrop for discussions
in Allianz’s supervisory board, which consistent with sources familiar with the
complaints is because of meet on Thursday.
news of Gross’s immediately departure wiped extra than
four.3 billion euros ($five.4 billion) off the insurer’s market capitalisation
and springs at a sensitive time for its management, with the terms of CEO
Diekmann and five greater of the insurer’s eleven board participants due to
expire at the end of the year.
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