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Baete’s contract renewal comes as Allianz continues to recover from a US fund scandal that resulted in a $6 billion settlement with the US Department of Justice and US Securities and Exchange Commission. The CEO expressed his gratitude towards the Supervisory Board for their confidence and support.
Commenting on the changes, Allianz SE supervisory board chairman Michael Diekmann said, “The supervisory board fully endorses the continuation of Oliver Baete’s leadership, supported by his colleagues in the board of management, to maintain Allianz’s sustainable and profitable growth.” Baete has held his position since 2015 and has been a member of the management board since 2008.
Terzariol’s departure for Generali was also confirmed on Monday. His successor, Coste-Lepoutre, is a French national who has been with Allianz since 2011. She currently serves as chief actuary and planning & controlling head, with previous roles including CFO and deputy chief executive of Allianz Global Corporate & Specialty.
In regards to Coste-Lepoutre’s appointment, Baete said, “She has been working closely with Giulio on a seamless continuation of leadership and is fully ready to step into her new role.” He also praised Terzariol for his contribution to Allianz, acknowledging that while they would have liked him to stay, they respect his personal decision.
In addition to these changes, Allianz has also extended the mandate of management board member Andreas Wimmer, who is responsible for life and asset management, until September 30, 2029. The company expects these leadership changes to maintain its competitive positioning for the future.
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