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.
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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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