Allianz Insurance CEO Steps Down A Week After Pimco's Gross Quits


The CEO of Europe’s biggest insurer, Michael Diekmann, has recently stepped down, the Wall Street Journal reports.

Allianz is the parent company of Pimco, whose CEO also recently resigned. According to the Wall Street Journal, “Allianz has made all crucial decisions in regards to Pimco's management.”

Typically, “Contracts of Allianz management board members usually end at the age of 60, when only annual contract extensions are granted, until the final retirement age is reached at 65.” Diekmann is still eligible to become a part of the Supervisory Board of the company.

Many are surprised Diekmann announced his departure so close to the resignation of Pimco’s CEO.

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