Allianz’s CEO Extends his Contract while CFO Leaves to Join Generali

The supervisory board of Allianz has decided to extend the contract of Chief Executive Officer Oliver Baete. However, the company has announced the appointment of a new Chief Financial Officer to replace the current CFO, who is leaving for another position, according to Allianz’s statement on Monday.

Giulio Terzariol, the Chief Financial Officer, is departing to lead the insurance division at Generali, as announced by the Italian company on Monday.

Allianz has named Claire-Marie Coste-Lepoutre as Terzariol’s successor in the role of Chief Financial Officer. Coste-Lepoutre has been part of the Allianz team since 2011 and has prior experience at organizations like Swiss Re, SCOR, and McKinsey.

Regarding Baete’s continuation in his role, there had been uncertainty r. This decision comes as Allianz is in the process of recovering from a U.S. fund scandal that resulted in a $6 billion settlement with both the U.S. Department of Justice and the U.S. Securities and Exchange Commission.

Baete, whose contract has now been extended to 2028, expressed his gratitude by saying, “I thank the Supervisory Board for their confidence and support.”

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