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The CEO of Allianz, Michael Diekmann, plans to step down in May 2015.
He requested that his appointment to the board not be extended beyond the company’s age limit of 60.
The news comes less than a week after Bill Gross left Allianz subsidiary Pacific Investment Management Company (PIMCO).
Diekmann will be replaced by Oliver Bäte, who is responsible for the insurance business in France, Benelux, Italy, Greece and Turkey as well as the global property and casualty business.
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