MUNICH (dpa-AFX) - Allianz Deutschland AG, a 100% subsidiary of German insurer Allianz SE (AZSEY.PK), appointed Manfred Knof (49) as Chairman of the Board of Management (CEO) and successor to Markus Riess (49) with immediate effect, subject to the usual fit & proper review of the Regulator.
Manfred Knof joined Allianz Group in 1995. From 2006 - 2011 he acted as CEO of Allianz Suisse and thereafter became a Member of the Board of Management of Allianz Deutschland AG, responsible for Operations and Claims. In April 2014 he became Head of the Business Division Central and Eastern Europe of Allianz SE.
Markus Riess was one of the top candidates for the position of Chairman of the Board of Management of Allianz SE, which will be assumed by Oliver Baete on May 7, 2015.
By mutual consent and upon his request, Markus Riess Resigns from the Board of Management of Allianz Deutschland AG. Markus Riess Wishes to pursue new career challenges.
Separately, German reinsurer Munich Re (0KFE.L) said that The Chairman of ERGO's Board of Management, Torsten Oletzky, will leave ERGO at the end of the year. His intended successor is Markus Riess, CEO of Allianz Deutschland, who is also to be appointed to Munich Re's Board of Management.
Torsten Oletzky, Chairman of the Board of Management of ERGO Versicherungsgruppe AG (ERGO), is leaving ERGO's Board at his own request, for personal reasons and by amicable agreement at the end of 31 December 2015. He was appointed to ERGO's Board of Management in 2004 and became Chairman of the Board in 2008.
ERGO and Munich Re are at an advanced level of talks with Markus Riess , who currently chairs the Board of Management of Allianz Deutschland AG. Subject to approval by the Supervisory Boards of both ERGO and Munich Re (the respective meetings will be held on 9 June), Riess is to succeed Oletzky as Chairman of ERGO's Board of Management with effect from 1 October 2015. His appointment to Munich Re's Board of Management is planned for the same date.
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