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Allianz to appoint Oliver Baete as CEO; Diekmann to depart

The logo of German insurer Allianz stands on the company's office buildings at Treptowers in Berlin, Germany.
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The logo of German insurer Allianz stands on the company's office buildings at Treptowers in Berlin, Germany.

Allianz, the parent company of embattled fund giant Pimco, will replace its chief executive officer by next year as it grapples with the fallout from the departure of high-flying bond guru Bill Gross.

In a statement Thursday, Allianz said Oliver Baete, 49, would become CEO effective May 7, with Michael Diekmann, 59, departing after the 2015 annual meeting. The German-based insurer gave no explanation for the shakeup, but Diekmann's contract was due to expire at the end of this year.

Last week, Gross, Pimco co-founder and Wall Street legend, departed after more than a year of turmoil and infighting, decamping for Janus.

Read MoreGross fallout: Morningstar downgrades Pimco fund

The unexpected move left recrimination in his wake, as billions in investor funds followed him out the door.

Read MorePimco fund's outflows hit 10% of net assets in Sept

--Reuters contributed to this article

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