Allianz SE's (ALV.XE) supervisory board plans to extend the
contract of Chief Executive Michael Diekmann by about two years,
Germany's Manager Magazin reports Wednesday, citing sources in the
company.
Mr. Diekmann's contract is due to expire in December this year,
along with that of five other board members.
The extension would reverse Allianz normal practise of offering
one year extensions to board members who have reached the age of
60, and allow favored successors such as Markus Riess and Oliver
Baete more time to distinguish themselves when Mr. Diekmann decides
to step down, the report notes in its latest issue to be published
Feb. 21.
Allianz Deutschland AG's chief Markus Riess will also be
appointed to the group's management board, the reports says.
An Allianz spokesman declined to comment on the report.
Magazine website: http://manager-magazin.de
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