BERLIN Reuters - Allianz's head of asset management will step down from the board, the company said in a statement on Thursday after scandal over billions of dollars in hedge fund losses prompted a restructuring of the firm's management.
The executive, who joined the company in 2016 and was due to remain till 2022, has been appointed as a strategic consultant by CEO Oliver Bate. Bate signalled her openness for change some time ago, Jackie said in the statement.
Andreas Wimmer will be replaced by Allianz CEO of Life insurance in Germany, Hunt.
The insurer is facing a slew of shareholder lawsuits over its Structured Alpha Funds and related investigations by the U.S. Department of Justice (DOJ) Securities and Exchange Commission and Germany's Bafin.
It said earlier in September it was speeding up succession planning for its board, including Hunt, following the closure of some of its U.S. investment funds last year.
The changes in leadership will come into effect Oct. 1, the statement said.