Allianz SE is continuing to revamp its executive roster. The same day that it announced its CEO will step down next year, the company disclosed more staff shuffling.
Allianz Global Corporate & Specialty SE CEO Axel Theis has been named to the Allianz SE Board of Management, effective Jan. 1, 2015. In his new role, he’ll handle the company’s global industrial insurance business, credit insurance and its insurance business in Ireland and Great Britain.
He’ll be replacing Clement Booth, who is departing the Allianz SE Board and retiring, according to the Allianz announcement. So who to replace Theis in his current Allianz job? That would be Chris Fisher Hirs, the AGCS chief financial officer, who will become the new CEO of Allianz Global Corporate & Specialty SE, also as of Jan. 1, 2015.
In turn, Nina Klingspor, head of the CEO office for Allianz SE, will now become CFO of Allianz Global Corporate & Specialty. She also assumes that role on Jan. 1.
Allianz Global Corporate & Specialty SE has been around since 2006, with the merger of Allianz Global Risks and Allianz Marine & Aviation.
Earlier on Oct. 2, Allianz SE disclosed that CEO Michael Diekmann will step down in 2015. Board member Oliver Baete will succeed him. The changes are coming as Allianz deals with uncertainty at PIMCO, which kicked in on Sept. 26 after the announcement that Chief Investment Officer Bill Gross would join Janus Capital Group Inc. in Denver. PIMCO then faced the depletion of billions of dollars from its funds after clients pulled out in reaction to the announcement.
Allianz also continues to try to revamp Fireman’s Fund Insurance Company, its U.S. property/casualty business that has struggled to stay profitable. In September, Allianz announced that it would bring Fireman’s Fund’s commercial lines business into its own operations. For the time being, the company said, it will keep Fireman’s Fund’s personal lines portfolio as is, and focus on growing the business.
Source: Allianz Global Corporate & Specialty