Allianz CEO Diekmann to Step Down in 2015

Allianz SE said Thursday it is has appointed a new chief executive to start in May 2015, when the current chief executive steps down, and announced several changes to the management board.

Oliver Baete, 49, will become CEO after the 2015 annual general meeting on May 7, when Michael Diekmann will depart, Europe's biggest insurer by revenues said.

Mr. Diekmann's contract was due to end on Dec. 31, about a week after he turns 60. Mr. Diekmann became chief executive of Allianz in April 2003 and was first appointed to the Allianz management board in 1998.

Allianz renewed the contracts of its chief financial officer, Dieter Wemmer, and three other management board members, Werner Zedelius, Helga Jung and Manuel Bauer.

Write to Ulrike Dauer at ulrike.dauer@wsj.com