Allianz SE, Europe’s biggest insurer, said management board members Dieter Wemmer and Oliver Baete will switch jobs at the beginning of next year.
Baete, 47, will take responsibility for western and southern Europe as of Jan. 1, Allianz said in a statement today. His new board responsibility includes western European insurance except Spain, Portugal and the German-speaking countries, and also includes global property and casualty.
Wemmer, 55, will in turn take the chief financial officer post from Baete and take over controlling, reporting and risk from him as well, the Munich-based insurer said.
Allianz, led by Chief Executive Officer Michael Diekmann, last month reiterated its full-year operating profit target of 7.7 billion euros ($10 billion) to 8.7 billion euros. Baete, who spent most of his career at McKinsey & Co. and joined Allianz in 2008 as chief operating officer, may be taking on some operating responsibilities to help him become a candidate for the CEO post once Diekmann, who turns 58 in December, retires.
“By the end of 2012, Oliver Baete will have set the course for the implementation of the upcoming Solvency II regulatory framework,” Diekmann said in the statement. “That is the right moment to execute our plan for Oliver Baete to take over operational responsibility for an insurance business and Dieter Wemmer to take over Oliver Baete’s responsibility.”
Wemmer joined Allianz this year from Zurich Insurance Group AG, Switzerland’s biggest insurer, amid another management shuffle that included the appointment of Helga Jung as the first woman on the insurer’s management board. Former Allianz finance head Paul Achleitner became supervisory board chairman at Deutsche Bank AG at the end of May.
Before joining Allianz, where he was appointed CFO in 2009 to succeed current supervisory board head Helmut Perlet, Baete was in charge of the European insurance and asset management sector at McKinsey.