German insurer Allianz SE says board member Oliver Baete will take over as chief executive in May when current CEO Michael Diekmann steps down after more than a decade in charge.
Allianz said Thursday that its supervisory board accepted Diekmann's request not to remain as CEO beyond the company's standard age limit of 60. Diekmann has been in charge since April 2003.
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Baete will succeed him on May 7, with a contract that runs until September 2019.
Baete is currently responsible for the company's insurance business in much of western and southern Europe, and for its global property and casualty business. He joined Allianz from management consulting firm McKinsey & Co. in 2008.
Allianz says Diekmann was asked to be available to join its supervisory board in 2017.