The personnel decisions at Allianz point far into the future

Oliver Bate

The list of candidates for the possible successor to the Allianz boss has grown since the most recent personnel decisions.

(Photo: Bloomberg)

These are personnel decisions that allow a deep look into the current inner workings of Allianz. With Andreas Wimmer and, from January, Sirma Boshnakova, two well-known names will move into the board. Both decisions mark a generation, culture and sometimes also a change of strategy.

It had been known for weeks that Jacqueline Hunt, who was last counted in the processing of the US allegations about the subsidiary AGI, will be replaced. With Andreas Wimmer as his successor, he is a home grown man who, unlike some external managers, does not need any time to get used to. That would be fatal with such a sensitive topic. The complaints about failed hedge fund strategies in the US require swift decisions. Wimmer knows the pitfalls of products and their development; in life insurance, he sometimes designed some himself.

Newcomers from our own talent pool

In a certain way, however, the Wimmer personality is also a change in culture and strategy. Several times, when new appointments were made in the global Allianz realm or also externally, suitable successors were on the lookout. The chosen ones were technically ideally suited, but were often unfamiliar with the corporate culture at the Munich headquarters that was unfamiliar to them. Neither Niran Peiris, who had recently been replaced, nor Jacqueline Hunt arrived there personally. Neither Andreas Wimmer nor Sirma Boshnakova should have these problems in the future. The Russian has been working in Allianz’s Munich headquarters since 2015.

However, the two personal details also show more and more how much efforts are now being made internally to create a talent pool of their own. For every top manager there are two to three people in the background who could take his position immediately and possibly even do better, said CEO Oliver Bäte a few days ago in the Handelsblatt.

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Ultimately, building such a talent factory is also about his successor, which could be due from 2024. Promising young hopes, all of which have already been tested and proven over several levels in the company, repeatedly promoted, but occasionally also sorted out, will position themselves in the coming years.

In any case, the list of candidates for possible successors at the top has become longer since the most recent personnel decisions.

More: Change in the board of directors at Allianz: Eigengewächs succeeds Jacqueline Hunt.

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