The Allianz supervisory board chairman (right) wants to stay longer than planned – with possible consequences for the CEO.
(Photo: Alliance)
Munich, Frankfurt It is a personality that could trigger a shift in top management at Allianz. When the shareholders come together for the virtual general meeting on May 4th, to the surprise of many large investors, the long-standing chairman of the supervisory board Michael Diekmann should receive a contract extension until 2026.
This could lead to changes in the group’s board of directors, up to and including CEO Oliver Bäte. His contract ends in September 2024. An extension is currently open. “Should Oliver Bäte leave in 2024, the supervisory board needs a timetable,” demands Ingo Speich, fund manager at major investor Deka.
It is agenda item 7 of 14 that is explosive. Among other things, the proposal to extend Diekmann’s contract by four years is up for election under the heading “New elections to the Supervisory Board”. Other members of the supervisory board, such as ex-BMW CFO Friedrich Eichiner, who is considered the most promising candidate for deputy chairman of the supervisory board, are only to receive a three-year extension.
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