The chief executive of Pimco owner Allianz will leave the German insurance group next year, adding to the turmoil currently engulfing the business.
Michael Diekmann, the group’s CEO for the past 11 years, would leave the firm in May, it said yesterday.
He will be replaced by internal candidate Oliver Baete, a former McKinsey executive.
The announcement comes just a week after Bill Gross, the guiding force behind Allianz’s bond powerhouse trading subsidiary Pimco, abruptly quit the business.
Figures show about $23.5bn (£14.56bn) was pulled out of Pimco’s Total Return in September, with a large spike in redemptions since Gross’ departure last Friday.
Allianz shares weakened 0.47 per cent yesterday to hit fresh lows.
Diekmann, 59, was due to see his contract expire in December but the Allianz board said it had decided not to renew his contract.