Allianz to replace CEO after Pimco turmoil

Bill Gross, co-chief investment officer of Pacific Investmen
UNITED STATES - MAY 28: Bill Gross, co-chief investment officer of Pacific Investment Management Co., speaks at the Morningstar Investment Conference luncheon in Chicago, Illinois, U.S., on Thursday, May 28, 2009. Gross said U.S. Treasury yields rose yesterday because of an oversupply of government debt. (Photo by Tim Boyle/Bloomberg via Getty Images)
Photograph by Tim Boyle — Bloomberg/Getty Images

It has been a busy week for German finance company Allianz.

First came the news last Friday that Bill Gross, founder of Allianz subsidiary Pimco, was leaving the company he founded to go to work for Janus Capital.

Now Allianz has announced that Oliver Bäte will be taking over as CEO of the company in May of next year, as current CEO Michael Diekmann will be stepping down. Diekmann, at age 59, was pushing against the company’s age limit of 60. Bäte is 49.

In a statement, Allianz supervisory board chairman Helmut Perlet praised the service of Diekmann.

“As CEO Michael Diekmann decisively shaped and developed the company,” he stated. “He successfully steered Allianz through the financial crisis. We have asked him to be available for election to the Supervisory Board of Allianz SE at the AGM 2017 so that Allianz can continue to benefit from his skills and experience.”

The announcement from Allianz also noted several other board members stepping down.

What it didn’t mention, though, was the situation in California. References to Gross and Pimco were nowhere to be found, despite the fact that the announcement that the “Bond King” was leaving led to huge outflows from Pimco’s flagship mutual fund and ETF.

For more on the upheaval at Pimco, read Allan Sloan’s Fortune article “Will Bill Gross do better with his new fund than the one he left behind?

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