Allianz Extends CEO Oliver Baete's Contract Amidst CFO Transition

The supervisory board of Allianz has extended the contract of Chief Executive Officer Oliver Baete, but the company appointed a new finance chief to replace the current one who is leaving for another job, Allianz said on Monday.

It had been uncertain whether Baete would stay on. Allianz is recovering from a US fund scandal that resulted in a $6 billion settlement with the US Department of Justice and US Securities and Exchange Commission.

Baete, whose contract was extended to 2028, said, "I thank the Supervisory Board for their confidence and support."

Chief Financial Officer Giulio Terzariol is leaving to head the insurance division at Generali, the Italian company announced on Monday.

Allianz has appointed Claire-Marie Coste-Lepoutre to succeed him as finance chief.

Coste-Lepoutre is a French national who has been with Allianz since 2011, with previous stints at Swiss Re, SCOR and McKinsey.