Allianz's board has extended the contract of global CEO Oliver Bäte until 2024.
The original contract was meant to end in September 2019 however it has been extended up until September 2024. He has been in the role since 7 May 2015.
Bäte joined Allianz in 2008 as chief operating officer. Prior to that, he worked for the consultancy firm McKinsey based in New York and Germany.
Under Bäte’s leadership, Allianz bought LV’s general insurance business in the UK.
Michael Diekmann, chairman of the supervisory board said: “Under Bäte’s leadership, Allianz has developed extremely well over the past three years. The supervisory board is convinced that he is the right chairman of the board of management for the challenges ahead.”
Bäte said: “I am very pleased with the trust placed in me. It confirms that the path we have taken and our strategic approach are right. Together with my colleagues, I will continue to do everything I can to ensure that Allianz stays successful in the future.”
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